The lake is the sole source of drinking water for the town and city of Canandaigua, located on the northern end of the lake, in addition to serving the communities of Rushville, Newark, Canandaigua, Palmyra, and Gorham township as their main public supplier of water.

It is the smallest Fish and Wildlife Management Area in New York State and one of only two islands in the eleven Finger Lakes.

In recent years the island has been eroding rapidly from the forces of ice, wind, water currents and development changing the wave patterns.

In 1977, New York State Department of Environmental Conservation installed a cedar log buffer around the island to help preserve it.

The Native Americans and white settlers signed the Treaty of Canandaigua just north of the lake.

This parchment, which is in the Memorial Museum, has the names of a number of famous Indian chiefs including Red Jacket, Cornplanter, Handsome Lake, Farmer's Brother, and Fish Carrier.

The lake is a popular second home destination for families from nearby Rochester, New York, as well as other parts of the Northeast.