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The population was 13,166 at the 2020 census. Las Vegas is located 110 mile (177 km) south of Raton, 65 mile (105 km) east of Santa Fe, 122 mile (196 km) northeast of Albuquerque, 257 mile (414 km) south of Colorado Springs, Colorado, and 326 mile (525 km) south of Denver.

Las Vegas was established in 1835 after a group of settlers received a land grant from the Mexican government. (The land had previously been granted to Luis Mara Cabeza de Baca, whose family later received a settlement.) The town was laid out in the traditional Spanish Colonial style, with a central plaza surrounded by buildings which could serve as fortifications in case of attack. Las Vegas soon prospered as a stop on the Santa Fe Trail. During the Mexican–American War in 1846, Stephen W. Kearny delivered an address at the Plaza of Las Vegas claiming New Mexico for the United States. In 1847, the town was the site of the Battle of Las Vegas, which was a part of the broader Taos Revolt by local Hispanos and Pueblo peoples against United States forces. In 1860, the United States Congress passed a law allowing the Cabeza de Baca heirs to choose other grants in lieu of their Las Vegas grant. In 1877 Las Vegas College, the precursor to Regis University, was founded in Las Vegas by a group of exiled Italian Jesuits. In 1887, Las Vegas College moved to Denver whereupon the name was changed. The Atchison, Topeka and Santa Fe Railroad arrived at Las Vegas from the north on July 4, 1879. To maintain control of development rights, it established a station and related development one mile (1.6 km) east of the Plaza, creating a separate, rival New Town, as occurred elsewhere in the Old West. The same competing development occurred in Albuquerque, for instance. During the railroad era Las Vegas boomed, quickly becoming one of the largest cities in the American Southwest. Turn of the century Las Vegas featured all the modern amenities, including an electric street railway, the "Duncan Opera House" at the northeast corner of 6th Street and Douglas Avenue, a Carnegie library, the Castañeda Hotel (a major Harvey House), and the New Mexico Normal School (now New Mexico Highlands University). Since the decline and restructuring of the railroad industry began in the 1950s, the city's population has remained relatively constant. Although the two towns have been combined, separate school districts have been maintained (Las Vegas City Schools and West Las Vegas School District). The anti colonist organization Las Gorras Blancas was active in the area in the 1890s.

Beginning in 1915, the Las Vegas Cowboys' Reunions were held annually until 1931; then in 1939, the Cowboys' Reunions were re established. Their slogan was, "Git Fer Vegas, Cowboy!" These reunions were organized by a group of ranching families and cowboys which soon became the Las Vegas Cowboys' Reunion Association. The Reunions celebrated ranching life, which began in northern New Mexico in the early 1800s and continues into the 21st century. The annual affair included pie eating contests, barbecues, parades, banquets, balls, and "ranch rodeos." In the early years, celebrities—cowhands as well as big name bands, movie stars like Tom Mix, and artists such as Randall Davey—came to Las Vegas for this event. In later years, famous cowhands participated in the Cowboys' Reunion Rodeos. The Cowboys' Reunions reflected the occupations of the area and attracted huge crowds for their four days of events. In 1952, the Cowboys' Reunion Association invited the Rough Riders Association to join them at the annual rodeo.

The arrival of the railroad in 1879 brought with it businesses, development and new residents, both respectable and dubious. Murderers, robbers, thieves, gamblers, gunmen, swindlers, vagrants, and tramps poured in, transforming the eastern side of the settlement into a virtually lawless brawl. Among the notorious characters were such legends of the Old West as: dentist Doc Holliday and his girlfriend Big Nose Kate, Dave Rudabaugh, Jesse James, Billy the Kid, Wyatt Earp, Mysterious Dave Mather, Hoodoo Brown, and Handsome Harry the Dancehall Rustler. Historian Ralph Emerson Twitchell once claimed regarding the Old West, "Without exception there was no town which harbored a more disreputable gang of desperadoes and outlaws than did Las Vegas."

According to the United States Census Bureau, the city has a total area of 7.5 square miles (19 km2), all land.

Las Vegas has a cold semi arid climate (Köppen climate classification: BSk).

In late winter and spring of 2022, Las Vegas and surrounding areas of San Miguel and Mora counties experienced the Calf Canyon/Hermits Peak Fire. The fire burned 341,471 acres, making it the largest blaze in New Mexico's recorded history.

As of the census of 2000, there were 14,565 people, 5,588 households, and 3,559 families residing in the city. The population density was There were 6,366 housing units at an average density of The racial makeup of the city was 54.21% White, 0.99% African American, 1.96% Native American, 0.61% Asian, 0.10% Pacific Islander, 37.19% from other races, and 4.95% from two or more races. Hispanic people of any race were 82.94% of the population. As noted in the chart to the right, the population of Las Vegas peaked at 14,753 in 1990. By 2019, the estimated population had decreased 12.43% to 12,919. There were 5,588 households, out of which 33.0% had children under the age of 18 living with them, 36.0% were married couples living together, 21.2% had a female householder with no husband present, and 36.3% were non families. 30.4% of all households were made up of individuals, and 9.7% had someone living alone who was 65 years of age or older. The average household size was 2.48 and the average family size was 3.08. In the city the population was spread out, with 26.4% under the age of 18, 13.3% from 18 to 24, 26.2% from 25 to 44, 21.2% from 45 to 64, and 12.8% who were 65 years of age or older. The median age was 34 years. For every 100 females, there were 90.4 males. For every 100 females age 18 and over, there were 86.2 males. The median income in 2019 for a household in the city was $26,561 as compared to the New Mexico median income of $49,754 and the national median of $62,843. The median income for a family in Las Vegas was $29,797. Males had a median income of $26,319 versus $21,731 for females. The per capita income for the city was $20.080 as compared to $34,103 nationally as noted in the 2019 Census estimate. In the past, 24.3% of families and 27.8% of the population were below the poverty line, including 35.7% of those under age 18 and 20.1% of those age 65 or over. The most recent figures (2019) as provided by the U. S. Census Bureau estimate the total number of persons (all ages) at or below the poverty line has increased to 35.6%. This is significantly higher than the national average of 10.5% and the State average of 18.2%.

New Mexico Highlands University, founded 1893, is home to the Thomas C. Donnelly Library. It supports the teaching, research and community activities of New Mexico Highlands University. It acquires, organizes, preserves and provides access to pertinent information and scholarly materials for curricular needs, intellectual pursuits and personal enrichment of its clientele. It promotes programs and services that emphasize the diversity of the university's multicultural community and heritage. An addition increased the square footage from 23,700 to 53,500 and now holds a book collection of almost 200,000 volumes. Las Vegas' Carnegie Library, established in 1904, is the only surviving Carnegie Library in New Mexico. Built from a $10,000 donation from philanthropist Andrew Carnegie, its Neo Classical Revival architecture resembles Thomas Jefferson's Monticello. The library sits in the middle of a park that occupies an entire city block, bordered by Victorian style homes and buildings. The City of Las Vegas Museum & Rough Rider Memorial on Grand Avenue, dedicated in 1940, was first established by the decision of Theodore Roosevelt's Rough Riders regiment (the first Volunteer Cavalry Regiment of the Spanish–American War), who named Las Vegas its official reunion home. Their first reunion was held in Las Vegas, June 1899. The museum, free and open to the public, houses a memorial collection of artifacts, archives and photographs from the Rough Riders and mementos in relation to the 1898 Cuban Campaign of the Spanish–American War, with information on over 200 members of the original regiment, RRR Association documents, etc. The museum illuminates the history of Las Vegas, its connection to the Rough Riders, the Santa Fe Trail and the development of New Mexico. It features collections of local Native American pottery, household items, costumes, ranching and farming equipment, agricultural and mercantile operations, and home life. Housed in a 1940 Works Progress Administration funded building, the museum is built of stone, with Pueblo Revival nuances.

Las Vegas is the home of New Mexico Highlands University, an important university in New Mexico especially for teacher training. Highlands has long had an excellent science, drama, art, and foreign language faculty. The art department was nationally renowned in the 1950s to 1970s and beyond. The university sponsors intercollegiate athletics and is a member of NCAA II and the Rocky Mountain Athletic Conference. Also nearby, north of Las Vegas, is Luna Community College. The United World College in nearby Montezuma, New Mexico is a two year international high school and one of the venues used by the International Baccalaureate Program for teacher training in the United States.

Las Vegas has a bi weekly newspaper, the Las Vegas Optic. It is published on Wednesday and Friday. The Fort Union Drive in theater is located on 7th Street in Las Vegas. The Indigo Theater is located at 146 Bridge Street in Las Vegas.

MayorTerm startTerm end1 Eugenio Romero 1881 18832 John G. Wylie 1888 –3 Edward Henry 1890 –4 James S. Duncan 1892 18925 Andrieus A. Jones 1893 18846 Major Adin H. Whitmore 1895 –7 Dr. Frederick Olney 1897 –8 George P. Money 1902 –9 Karl D. Goodall 1903 –6 Dr. Frederick Olney 1905 190710 Karl D. Goodall 1911 –11 R. J. Taupert 1912 191312 Dr. H. M. Smith 1915 –13 F. O. Blood 1918 192014 Thomas V. Truder 1921 193415 Frank W. Condon 1935 193916 Ivan J. Hilton 1940 194617 Ivan J. Hilton 1950 195418 LeRoy S. Wicks 1956 196019 Frank Olmsted 1962 196620 Ben Lingnau 1967 –21 Alfred Nelson 1968 –22 Fidel "Chief" Gonzales 1970 197523 Harold K. Brandt 1977 –24 Max Madrid 1978 –25 Steve Franken 1980 198526 Leroy "Huero" Sanchez 1986 198727 Tony Martinez Jr. 1988 199728 Matt Martinez 1998 200129 Henry O. Sanchez 2002 200830 Tony Marquez 2009 –31 Alfonso E. Ortiz Jr. 2010 201532 Tonita Gurule Giron 2016 202033 Louie Trujillo 2020 202334 David Romero 2023 present