Tourist attractions within the town include Robert Smail's Printing Works and St. Ronans Wells, and nearby Traquair House. Popular tourist activities in the area include golfing (the town has a 9-hole golf course), walking and mountain biking with 2 excellent routes including a world standard downhill route. The area is famous for fly fishing (both trout and salmon), and there is a fish ladder near the golf course, just outside the town boundary on Leithen Road. This proves a popular stopping point for locals and visitors to watch the autumn and winter runs of salmon.
The town has several small hotels including the Traquair Arms Hotel and the St. Ronans Hotel. There are also numerous private houses offering bed and breakfast, a camp site and a caravan site.
The town hosts the annual Innerleithen Music Festival in the Memorial Hall. In addition, it has an active amateur operatic society which stages an annual production.
To get to Innerleithen from Edinburgh, follow the A701, then A703 south from Edinburgh, and at Peebles turn east onto the A72. The town is also served by the First Bus no. 62 service which runs between Edinburgh and Melrose via Penicuik, Peebles, Innerleithen and Galashiels.
Innerleithen has several bookshops, the largest of which holds nearly 19,000 titles and is one of the largest in the Scottish Borders.
Innerleithen is also popular for mountain biking and, together with Glentress, forms one of Forestry and Land Scotland's "7 Stanes". It is very popular with downhill bikers and has hosted national events since the early 1990s. Current gems include the "Matador" and "Make or Break". In addition to the downhill trails, there is a long cross-country loop that climbs to the top of the Minch Moor before descending through some excellent trails. The Innerleithen XC trails are more demanding than those found at Glentress.
Since 2003, the town has held a music festival every August. Acts that have played at the festival include Eddi Reader, Julie Fowlis, Dougie MacLean, Karine Polwart, Karen Matheson and Old Blind Dogs.