We present Spitzer Infrared Array Camera (IRAC; ∼2 deg²) and Multiband Imaging Photometer for Spitzer (MIPS; ∼8 deg²) observations of the Cepheus Flare, which is associated with the Gould Belt, at an approximate distance of ∼300 pc. Around 6500 sources are detected in all four IRAC bands, of which ∼900 have MIPS 24 μm detections. We identify 133 young stellar object (YSO) candidates using color-magnitude diagram techniques, and a large number of the YSO candidates are associated with the NGC 7023 reflection nebula. Cross-identifications were made with the Guide Star Catalog II and the IRAS Faint Source Catalog, and spectral energy distributions (SEDs) were constructed. SED modeling was conducted to estimate the degree of infrared excess. It was found that a large majority of disks were optically thick accreting disks, suggesting that there has been little disk evolution in these sources. Nearest-neighbor clustering analysis identified four small protostellar groups (L1228, L1228N, L1251A, and L1251B) with 5-15 members each and the larger NGC 7023 association with 32 YSO members. The star-formation efficiency for cores with clusters of protostars and for those without clusters was found to be ∼8% and ∼1%, respectively. The cores L1155, L1241, and L1247 are confirmed to be starless down to our luminosity limit of L _bol = 0.06 L_⊙.