Laketown Township was first settled in April 1853 and organized on May 11, 1868. An early settler, John Salter, suggested the name Laketown because the township contained ten smaller lakes and was close to Clearwater Lake, later renamed Lake Waconia. Laketown Township is surrounded by the cities of Victoria, Chaska and Waconia, and by Waconia Township and Dahlgren Township.

Laketown Township is in Carver County, Minnesota. The population was 2,331 as of the 2000 census. The township has a total area of 30.4 square miles of which 27.7 is land and 2.7 is water. The west edge of the city of Chaska and the west half of the city of Victoria are located within the township geographically but are separate entities.

The following lakes are in Laketown Township: Lake Auburn (west quarter), Lake Waconia (east quarter), Lunstein Lake, Marsh Lake, Mud Lake, Parley Lakey, Piersons Lake, Reitz Lake, Turbid Lake, Wasserman Lake (west three-quarters), Lake Bavaria (southern half).

Adjacent townships include Dahlgren Township (south), Benton Township (southwest), Waconia Township (west). Watertown Township (northwest). Coney Island is an unincorporated community near Laketown Township.