Abstract We present 450 and 850 μm submillimeter continuum observations of the IC 5146 star-forming region taken as part of the James Clerk Maxwell Telescope Gould Belt Survey. We investigate the location of bright submillimeter (clumped) emission with the larger-scale molecular cloud through comparison with extinction maps, and find that these denser structures correlate with higher cloud column density. Ninety-six individual submillimeter clumps are identified using FellWalker, and their physical properties are examined. These clumps are found to be relatively massive, ranging from 0.5 to 116 with a mean mass of 8 and a median mass of 3.7 . A stability analysis for the clumps suggests that the majority are (thermally) Jeans stable, with . We further compare the locations of known protostars with the observed submillimeter emission, finding that younger protostars, i.e., Class 0 and I sources, are strongly correlated with submillimeter peaks and that the clumps with protostars are among the most Jeans unstable. Finally, we contrast the evolutionary conditions in the two major star-forming regions within IC 5146: the young cluster associated with the Cocoon Nebula and the more distributed star formation associated with the Northern Streamer filaments. The Cocoon Nebula appears to have converted a higher fraction of its mass into dense clumps and protostars, the clumps are more likely to be Jeans unstable, and a larger fraction of these remaining clumps contain embedded protostars. The Northern Streamer, however, has a larger number of clumps in total and a larger fraction of the known protostars are still embedded within these clumps.