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Knollwood is an unincorporated community of about 550 single-family homes, along with apartment buildings and businesses, located just west of the main part of the Village of Lake Bluff. Knollwood is bounded on the south by Route 176, on the north by Atkinson Road, on the east by Route 41, and on the west by Forest Knoll Avenue. Most of the community is residential. The population of Knollwood was 1,676 in the 2010 Census.
The name "Knollwood" originated with Knollwood Farm, a large property located at the southwest corner of the current Waukegan Road and Rt. 176. About 1926 this property was sold and became the Knollwood Country Club. By that time the nearby community had become known as Knollwood as well. Though unincorporated, the streets in Knollwood were laid out by Lake Bluff village officials in the 1920s. The community was first subdivided as "The North Shore Properties" in 1934.