Belton Dam and the lake are both managed by the Fort Worth District of the U.S. Army Corps of Engineers.

The reservoir was officially impounded in 1954, and serves to provide flood control and drinking water for Belton, Temple, and the surrounding communities.

Belton Lake overflowed the spillway in 1991–1992 with the occurrence of two closely spaced 50 year floods.

It is run by the Miller Springs Alliance, a non profit group of volunteers and has nearly 11 miles of hiking and biking trails passing through upland, prairie, canyon and riparian habitats.

In 1999, Christian Youth Ministers Todd and Stacie Bagley were car-jacked by a gang and driven to the lake recreation area where they were both shot in the head and their vehicle set on fire.