Located just south of Lilly House, the Richard D. Wood Formal Garden is a major feature of the 1920s-era landscape design of the Oldfields estate, which was modified by Percival Gallagher. This historical garden, which features a fountain, arbors and lush plantings, was rehabilitated in 1992 and 1993, and named in honor of IMA trustee Richard D. Wood upon his retirement as CEO of Eli Lilly and Company.

Visitors enter the Formal Garden through rose-draped arbors, which were reconstructed using archival photographs of the garden. At its center the garden features roses, perennials, annuals, boxwood, evergreens and a fountain. Gravel paths have replaced some turf areas used in the original design, due to the garden's high visitation. Other plantings in this garden include a mix of bulbs and spring annuals such as pansies, stocks and toadflax, which provide beautiful color and fragrance.