[3] Historically, Carrot River has been important to local First Nations, early explorers, fur traders, and settlers.

Along the river's course and within its watershed, there are National Wildlife Areas, migratory bird sanctuaries, recreational parks, and notable fossil discoveries.

The Carrot River valley was initially inhabited by Cree and Saulteaux Aboriginal people.

[6] Some of the notable parks and protected areas in Carrot River's watershed include Tway National Wildlife Area, Raven Island National Wildlife Area, Lenore Lake Migratory Bird Sanctuary, Basin and Middle Lakes Migratory Bird Sanctuary, Ingvald Opseth Wildlife Refuge, Wildcat Hill Provincial Park, Mountain Cabin Recreation Site, Pasquia Regional Park, Rice River Canyon Ecological Reserve,[7] and Pasquia Hills North Recreation Site.

The more prominent salt lakes include Basin, Lenore, Middle, Frog, Ranch, Murphy, Flat, Mantrap, Houghton, Deadmoose, and Waldsea.

[11][12] The basin is in the aspen parkland ecozone of Saskatchewan[13] and its lakes are important for various birds and other wildlife.

[16][17] During the 1980s, the Royal Saskatchewan Museum explored the banks and rock edges of the Carrot River, because a local farmer had been finding numerous fossils in that area.

In 1971,[21] to help restore the marshland, Canadian Wildlife Service acquired land for a Ducks Unlimited Canada project.

The project included flood control, raising water levels, and improve haying and grazing for neighbouring farmers.

[26] Fish commonly found in the river include walleye, yellow perch, northern pike, burbot, and white sucker.