Killeter has a yearly August fair, which celebrates the diversity and richness of rural life. The village itself sits along an ancient pilgrimage trail which winds its way to Lough Derg. The national cycle network traverses part of this trail, which is bounded to the west by Killeter Forest.
The writer Benedict Kiely has stated that he based the fictional village of Carmincross, in his novel Nothing Happens in Carmincross, on Killeter.
Near Killeter is the Magherakeel historical site with its holy well, lime kiln and ruins of an early church. The Magherakeel Monastic Site along the Lower Strabane Road, near Castlederg, was one of Ireland's most important ecclesiastical centres. The monastic site dates from the 6th century with only a small part of wall remaining from St Caireall’s church.
Saint Patrick’s Well, Killeter, is a well that legend says St Patrick stopped at to drink from after leaving Lough Derg.