It is the fourth largest reservoir in New Mexico in terms of surface area and the fifth largest body of water in New Mexico in terms of volume.

The lake is used for recreational activities, such as boating, swimming, waterskiing, and fishing.

Fish in the lake include walleye, bass, catfish, crappie, and bluegill.

Many migratory birds use the lake as a rest stop during their travels, and eagles are often seen in the area.

The beaches of Caballo are rocky when compared to Elephant Butte Reservoir, but there are many sandy areas.