It is situated on the left bank of the River Awbeg, about a half-mile east of Buttevant and southeast of the Ballyhoura Mountains. A Sheela na Gig once stood next to the well, indicative of its importance as a mystical site for many centuries. The water from this well remains crystal-clear and sweet.
A story regarding this well states that one day, one of Fionn Mac Cumhail's men strayed from his company and sought the hospitality of a local chieftain. He fell in love with the chieftain's daughter and they eloped. The chieftain's men caught up with them and the man was mortally wounded. At the advice of locals, he bathed in the Knockanare Well and was cured.
Another story states that during the wars of rebellion, Irish wounded in battle were taken to the well and cured instantly. An English general scoffed at these miracles until his own son was wounded in battle and subsequently cured by the well. In celebration, the general supposedly built golden gates near the well that were later dismantled and hidden nearby.