Which Model Field to use in Django to store longitude and latitude values?

Float is generally an approximation, see here for some simple examples. You could get very nice results modifying your model to something like DecimalField(max_digits=9, decimal_places=6), since decimals are very important in coordinates but using more than 6 is basically meaningless.

edit: a cute and in-topic XKCD strip to celebrate my first 100 votes!

Use PointField to store lat long

p = Point(85.3240, 27.7172,srid=4326)

Django: 1.X:

https://docs.djangoproject.com/en/1.11/ref/contrib/gis/model-api/#pointfield

Django: 2.X:

https://docs.djangoproject.com/en/2.2/ref/contrib/gis/model-api/#pointfield

Django: 3.X:https://docs.djangoproject.com/en/3.0/ref/contrib/gis/model-api/#pointfield

The suggestion here to use DecimalField(max_digits=9, decimal_places=6) resulted in errors for me when trying to save locations from Google Maps.

If we assume that the most common use case is retrieving point locations from the Maps API, and a typical URL from Google Maps when right-clicking and selecting "What's Here?" yields something like:

https://www.google.com/maps/place/37°48'52.3"N+122°17'09.1"W/@37.814532,-122.2880467,17z

(random place)

So the longitude has 15 places before and after the decimal, which is why the accepted answer doesn't work. Since there's no reason to validate for "as short as possible" and db storage is cheap, I'm using:

    max_digits=22,    decimal_places=16)