The town is the meeting point for roads going to Monaghan, Castleblayney, Carrickmacross and Clones. The town grew up from the convergence of the roads. The town is built beside a large lake, Lough Major and the smaller Lough Minor. The Dromore River also runs through the south of the town, past Pearse Brother's Football Grounds, and past the Riverdale Hotel.
Ballybay Market House is a four-bay two-storey building built in 1848. Ballybay also has a hotel, Riverdale, as well as Ballybay Community college, the local secondary school.
Transport
Rail transport
opened on 17 July 1854, was closed to passenger traffic on 14 October 1957 and finally closed altogether on 1 January 1960.
Coach/bus transport
Local Link route M2 links the village with Monaghan several times daily Mondays to Saturdays inclusive. Collins Coaches provide a daily service from the town to Dublin via Carrickmacross, Ardee and Slane. Bus Éireannroute 162 serves the town on schooldays linking Ballybay to Doohamlet, Castleblayney, Newbliss, Clones and Monaghan.
Tourism
Today the town welcomes tourists and bird watchers who frequent the town to make use of the newly renovated lake district built around the local Lough Major. The town is also a destination for fishermen who travel to the town to take part in various fishing competitions. Many tourists travel to The Ballybay Wetlands Centre, which is a popular area for birdwatchers and hikers.
The singer / songwriter Tommy Makem wrote a lighthearted song about the town, "In the Town of Ballybay". The Jackson family of Ballybay were involved with the United Irishmen movement. One such Ballybay Jackson and United Irishman, James Jackson, fled to the United States where he became a politician, and owner of the Forks of Cypress Plantation. He is also a white ancestor of author Alex Haley and is a character and subject of his book and the miniseries Alex Haley's Queen.
Ballybay is twinned with the town of Osterhofen/Gergweis in Bavaria. On 4 November 2008 an informal reception was held in Ballybay Town Council chambers for a visiting group from Osterhofen / Bavaria who were dressed in traditional Bavarian costume. The visit was organised in celebration of the 50th visit to the town by Karl–Heinz Herzegger, who had been instrumental in the setting up of the original twinning agreement.