The Wizard Village is a location seen in the episode "Wizard." The large central building is the Grand Hall of Wizardry, where Wizard Students train to become ultimate wizards under the tutelage of Bufo. For 847 years, the village had been in danger of being struck by a meteor, and Bufo had secretly tricked the ultimate wizards into using their magic to prevent it from colliding. Finn used his "youthful" thinking to solve the problem by moving the village out of the meteor's way using Ultimate Magical Hands .
The Wizard Village was accessed through a portal opened by the Reaper, so it's not clear where it is in relation to the rest of the Land of Ooo.