Panevežys is the fifth largest city in Lithuania. As of 2011, it occupied 52 square kilometres (20 sq mi) with 113,653 inhabitants. As defined by Eurostat, the population of Panevežys functional urban area, that stretches beyond the city limits, is estimated at 127,471 (as of 2017).

The largest multifunctional arena in Panevežys, Cido Arena, hosted the Eurobasket 2011 group matches.

The city is still widely known, if indirectly, in the Jewish world, for the eponymous Ponevezh Yeshiva.

The Museum of Ethnography has accumulated a lot of artifacts of historical and cultural heritage. The Art Gallery organizes about 20 different exhibitions every year as well as music and literature evenings, lectures and discussions about culture and art research. The Photography Gallery arranges 30 exhibitions of photography every year. 10 photo artists had personal exhibitions abroad and won international awards. The Public Library has 8 branches.

Since 1989 Panevežys has been organizing International Ceramics Symposia. The unique collection of ceramics is the biggest in the Baltic countries and is added to each year. The Chamber orchestra, Women's Choir "Golden Oriole", ensemble "Muzika" (Lithuanian: music) are well known for various music projects not only in Lithuania but also abroad. The Brass Orchestra "Panevežio Garsas" (English: Panevežys Sound) plays not only for Lithuanian audience but also for people in the Baltic countries, Germany, France and the Netherlands. The Orchestra won the Grand Prize in a festival in France in 1997.

The city is a home to many theaters. Juozas Miltinis Drama Theatre is famous in Lithuania and Europe. Juozas Miltinis has brought up a number of actors. One of them is Donatas Banionis who is known internationally. Theater "Menas" (English: art) was established in 1991. The city boasts of Puppet Wagon Theater which is the only in Europe. Antanas Markuckis, the director of the Theater was awarded International Prize of Hans Christian Andersen in Copenhagen in 2003. Every two years the theater organizes the International Theater Festival "Lagaminas" (English: suitcase). There also is a musical theater and school called Juozas Miltinis school where drama lessons are lectured.