Västervik has a semi-continental type of the oceanic climate, with vast differences between seasons, but winters being milder than required for a conventional continental climate. The major weather station in the area is in Gladhammar 10 kilometres (6.2 mi) west of Västervik. Differences are likely to be minor, with precipitation normals being available in greater detail for Västervik's station. Overnight lows may be the biggest difference, due Västervik's coastal position.
The city still bases much of its industry on its harbour, and on the industries that were established as a result of it in the late 19th century. Västervik has suffered the closure of certain factories, notably Electrolux, with associated job losses. Just outside Västervik, there is the static inverter of HVDC Gotland and Fårhultsmasten, a 335 m tall guyed mast used for FM/TV-transmission, which shares with three other masts the title of Sweden's tallest structure.
Every year since 1966 there is a folk music festival in Västervik, at the ruins of the Stegeholm castle. The area has artistic talent by artists, potters, craft people and painters.
Being a summer town popular with yachtspeople, campers, daytrippers, and returning former residents, Västervik experiences an annual revival in July.
Västervik offers an outdoor life of climbing, canoeing and sailing or islands to visit and stay at. Björn Ulvaeus, a band member of international ABBA who grew up in Västervik is building a complex consisting of hotel, restaurant, and apartments in the bay near Stegeholm castle, which will be a tourist attraction for Västervik.
Västervik is also the name of a small village 8 km north of Vaasa, Finland. The name just means "western bay", so there could be more minor localities by that name.