The city is near the geographic centre of the province of Jaén, and it is the administrative seat of the surrounding Loma de Úbeda comarca. It is one of the region's most important settlements, boasting a regional hospital, university Bachelor's Degree in Education college, distance-learning facilities, local government facilities, social security offices, and courts. According to the Caixa yearbook, it is the economic hub of a catchment area with a population of 200,000 inhabitants. Twenty-nine percent of employment is in the service sector. Other fractions of the population are employed in tourism, commerce, industry, and local government administration. The agricultural economy mainly works with olive cultivation and cattle ranching. Úbeda has become in one of the biggest olive oil's producers and packers of the Jaén province.
One of the main seasonal attractions of the town is the annual music and dance festival which is held in May and June including opera, jazz, flamenco, chamber music, symphony orchestra and dance. Just south east of the town lies the nature park of Sierra de Cazorla, Segura y las Villas
