With an annual visitation exceeding 2 million people, Arkabutla Lake accommodates a wide variety of recreational interest and activities throughout the entire year.

On May 10, 2023, the United States Army Corps of Engineers warned residents to stay away from the reservoir as "potential breach conditions" had been found at the dam.

Though they stated that failure is not imminent, the National Weather Service forecast office in Memphis issued a flash flood watch through June 10 for areas of seven northwestern Mississippi counties located downstream of the dam.

Engineers determined the headwaters of the Yazoo River contributed to or caused much of the flooding that occurred in the Mississippi Delta region.

In 1942, the U.S. Government moved the town of Coldwater and approximately 700 residents, at a cost of $250,000, to its present location 1-mile (1.6 km) south of the original site.

(2000), set in 1937, has action taking place in a valley that is flooded during the construction of the (fictional) Arktabutta Reservoir, based on Arkabutla Lake.