The climate is maritime with insignificant continental influence. The average annual temperature is 12° С. The summer is sunny and hot and the autumn is damp and warm. The beach is wide, covered with fine bright sand and the sea-bottom slopes gradually. The settlement is a famous sea resort among both Bulgarian and foreign tourists and its population numbers to approximately 700 people. Until 1942 the village's former name used to be Ekrene.
The village lies on the Black Sea coast at an latitude of 20 m. Kranevska River flows by the settlement. Near Kranevo are located the resorts Golden Sands and Albena.
Remains of a Roman fortress have been revealed south of the village, dated back to the 2nd century AD. Near the Kranevo were also revealed the remains of a ramparts which were very important for the defence of the eastern border of the Bulgarian First State. The village was mentioned in Turkish registers from 1573 and 1676 under the name of Ekrene. After the Bucharest Peace Treaty was concluded in 1913 Kranevo was recognized as a Romanian territory. It was returned back to Bulgaria in 1940 by the force of the Treaty of Kraiova.
In the village there is a doctor's office, two kindergartens, a sports society. The primary school in the village was established in 1890, except for it, there is also a secondary school and a community center established in 1942. Convenient bus lines connect Kranevo to Balchik, Kavarna, Dobrich and Varna.
Located right next to the beach are the camping sites Exotica and International. In the southern part of the beach is the National Children's Complex. A Longoze forest lies to the north of Kranevo, in the valley of Batova River.
Except for the tourism, traditionally in the area are being developed vine-growing, vegetable-growing, and the production of fruits.