Bonanza is located in southern Clayton County at 33°27′53″N 84°20′15″W / 33.46472°N 84.33750°W / 33.46472; -84.33750 (33.464663, -84.337589). It is bordered by Irondale to the north and Lovejoy to the south. U.S. Routes 19 and 41 form the eastern border of the CDP, leading north 4 miles (6 km) to Jonesboro, the county seat, and 21 miles (34 km) to downtown Atlanta. The city of Griffin is 17 miles (27 km) to the south.
As of the census of 2000, there were 2,904 people, 934 households, and 765 families residing in the CDP. The population density was 2,391.7 people per square mile (926.6/km2). There were 976 housing units at an average density of 803.8/sq mi (311.4/km2). The racial makeup of the CDP was 62.74% White, 30.61% African American, 0.24% Native American, 1.58% Asian, 0.03% Pacific Islander, 3.62% from other races, and 1.17% from two or more races. Hispanic or Latino of any race were 5.44% of the population.