Historically and culturally, the commune is part of the Lauragais, the former "Land of Cockaigne," associated with both the cultivation of pastel (a dye plant) and the abundance of agricultural production, earning it the title of the "granary of Languedoc." Experiencing a Mediterranean climate, Villespy is drained by the streams of Tenten, Migaronne, Rec de Riplou, and another watercourse. The commune boasts a remarkable natural heritage, including a natural area of ecological, faunal, and floristic interest.
Villespy is a rural commune with a population of 416 inhabitants in 2021, following a peak of 884 inhabitants in 1846. It is part of the attraction area of Castelnaudary. The residents are referred to as Villespynois.