Driving from Cirencester, follow the A429 (the Fosseway) North, pass through Bourton-on-the-Water and you'll reach it (after another 5km). There will be obvious signs saying you've entered the town. From the North, follow the A429 South towards Cirencester.
Walkers would do well to avoid the busy A429 road.
On foot's fine.
The town centre whilst small is extremely beautiful, focused around the large market square and the pretty little streets leading off it.
The Eagle And Child, The Royalist Hotel, Digbeth Street, 01451 830670. Expensive, serves food until 10PM, need reviews.
See Eat for pubs