6 and Lacombe County, approximately 40 km (25 mi) east of Red Deer.

The lake lies in the Red Deer River basin, and has a water surface of 93.5 km2 and a drainage area of 1,440 km2.

Pelican Point, Pelican View Estates (PVE), and The Narrows are established on the shores of the lake, as is the Rochon Sands Provincial Park.

Buffalo Lake is unique in Alberta in that it is actively "managed" via actively controlled inflow pumped in from the Red Deer River via Parlby Creek and outflow back into the Red Deer River via Tail Creek.

The lake supports a decent amount of Northern Pike and Burbot.