Lincoln developed around a water powered sawmill on the east bank of the Penobscot River. According to the United States Census Bureau, the town has a total area of 74.65 square miles (193.34 km²), of which, 67.83 square miles (175.68 km²) of it is land and 6.82 square miles (17.66 km²) is water.Rollins Mountain is located in Lincoln. The town has 13 different ponds.

As of the census of 2010, there were 5,085 people, 2,045 households, and 1,415 families residing in the town. The population density was 75.0 inhabitants per square mile (29.0/km²). There were 2,866 housing units at an average density of 42.3 per square mile (16.3/km²). The ethnic makeup of the town was 97.1% White, 0.3% African American, 0.6% Native American, 0.4% Asian, 0.1% from other races, and 1.5% from two or more races. Hispanic or Latino of any race were 1.0% of the population.

There were 2,045 households of which 31.9% had children under the age of 18 living with them, 53.3% were married couples living together, 10.8% had a female householder with no husband present, 5.1% had a male householder with no wife present, and 30.8% were non-families. 24.4% of all households were made up of individuals and 11% had someone living alone who was 65 years of age or older. The average household size was 2.44 and the average family size was 2.87.

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