Penticton hosts many events annually, among them the Canadian Ironman Triathlon, the Okanagan Wine Festival, the Okanagan Children's Festival, Fest-of-Ale BC, the Penticton Peach Festival, the Pentastic Hot Jazz Festival, and the "Elvis Festival" which was featured in the Summer 2006 issue of British Columbia Magazine.

Penticton is home to recreational opportunities such as skiing at the Apex Mountain Resort ski area, boating and fishing on Skaha Lake and Okanagan Lake. Both lakes have beautiful beaches. There is golfing on the area's many courses, as well as hiking or biking the Kettle Valley Railway Trail, and rock climbing at Skaha Bluffs. Penticton is home to KIJHL team the Penticton Lakers, the BCHL hockey team Penticton Vees who play throughout the winter months, as well as the PCSL soccer team Penticton Pinnacles, who play from May until July.