Anderson is the headquarters of the Church of God (Anderson) and home of Anderson University, which is affiliated with that denomination. Highlights of the city include the historic Paramount Theatre and the Gruenwald Home.

According to some historians, the city is named for Chief William Anderson, whose mother was a Delaware Indian (Lenape) and whose father was of Swedish descent.

Among the major industries in Anderson are Anderson Tool and Engineering, Barber Manufacturing, Prairie Farms Dairy, Hoosier Park, and Warner Press. In 2007, Nestlé corporation opened a large factory in Anderson, with much fanfare, holding a large celebration, with free samples of an array of Nestlé products. Also in 2007, Anderson was ranked #98 in the Forbes List for 100 Best Places for Businesses among Smaller U.S. Metro areas.