According to the 2010 census, Godfrey has a total area of 36.638 square miles (94.89 km2), of which 34.64 square miles (89.72 km2) (or 94.55%) is land and 1.998 square miles (5.17 km2) (or 5.45%) is water.
The southwestern boundary of the village is a wall of limestone bluffs along the Mississippi River. Approximately 12 miles (19 km) upstream is the mouth of the Illinois River. The Missouri River empties into the Mississippi 10 miles (16 km) downstream. Godfrey retains the status of a village and is a mixture of small business, agriculture, and upper middle class housing developments.
The village is named for Captain Benjamin Godfrey, a native New Englander, who arrived in the area in 1832. 1838 saw the establishment of the Monticello Female Seminary, later renamed Monticello College. Captain Godfrey, the father of eight daughters, was an advocate of higher education for women and made a large donation of funds and land for the college. Monticello operated as a two-year college for women until the campus was sold in 1970 to establish Lewis and Clark Community College. Monticello's final class graduated in 1971. Godfrey is built on an ancient Indian burial ground, and is also the hometown of Clayton Madison (for whom Madison County was named).
There were 6,427 households out of which 29.7% had children under the age of 18 living with them, 62.2% were married couples living together, 8.0% had a female householder with no husband present, and 26.9% were non-families. 23.3% of all households were made up of individuals and 11.4% had someone living alone who was 65 years of age or older. The average household size was 2.46 and the average family size was 2.90.
In the village the population was spread out with 22.6% under the age of 18, 6.3% from 18 to 24, 26.8% from 25 to 44, 26.5% from 45 to 64, and 17.8% who were 65 years of age or older. The median age was 42 years. For every 100 females there were 95.6 males. For every 100 females age 18 and over, there were 92.1 males.
The median income for a household in the village was $50,342, and the median income for a family was $57,971. Males had a median income of $43,017 versus $27,870 for females. The per capita income for the village was $25,292. About 3.2% of families and 5.9% of the population were below the poverty line, including 5.1% of those under age 18 and 2.5% of those age 65 or over.