The dry lake, with no outlet, is more than two sections in size, making it the largest in Texas; it impounds water temporarily after high-runoff rain events, being used for grazing the remainder of the time.

Though seasonal and temporal, the "big playa lake", in wet periods, is significant in a semiarid, drought-frequented environment and has been utilized regularly as a food and water resource by man and animal, alike, since prehistoric times.

Started as a small ranching community in the late 1880s, Big Lake owes its original existence to the Kansas City, Mexico and Orient Railway, which passed through the area in 1912, as it was extended from Sherwood, west of San Angelo, to Girvin and beyond the Pecos River.

The growth from the railroad, coupled with that from the Santa Rita discovery well in 1923, allowed it, in 1925, to take over the position of county seat from Stiles, a pioneer ranching community established in 1894 on Centrailia Draw, about 20 miles to the north.

The city's current existence is based on agriculture (some farming, but mostly ranching) and oil and gas service and production throughout the area.

Unable to fund any test wells, Ricker sold the prospect to Frank Pickrell and Haymon Krupp, who organized the Texon Oil and Land Company.

The initial drill site was about 14 miles (23 km) west of Big Lake, north of the Orient Railroad tracks at what became Texon.

Michael Late Benedum bought the Texon find, and formed the Big Lake Oil Company, in October 1923.

Due to Big Lake's aridity and elevation, temperatures drop quickly after sunset, especially in the summer.

[14] In the movie, the town lacked a proper baseball field, while the high school football stadium was the main focus of athletic attention.

[citation needed] Big Lake is featured in a semi-biographical 2019 novel, by Russ Brown, titled Miss Chisum.

Big Lake is depicted as a watering hole on Chisum's 19th century westward cattle drives.