The lake is in the Prairie Pothole Region of North America, which extends throughout three Canadian provinces and five U.S. states, and within Palliser's Triangle and the Great Plains ecoregion of Canada.

The sodium sulphate that's mined there is used in a variety of products such as detergents, pulp and paper, textiles, and mineral feed for livestock.

[11] In April 1997, Chaplin and its two neighbouring lakes, Reed and Old Wives, were designated part of the Western Hemisphere Shorebird Reserve Network (WHSRN).

[15] In November 2021, the Nature Conservancy of Canada (NCC) purchased the Mackie Ranch on the eastern shore of Chaplin Lake, which contains 646 ha (1,600 acres) of native grassland.

[16] In the 25 years prior to this land purchase, Saskatchewan had lost 809,000 ha (2,000,000 acres) with only about 25% of the original grasslands left intact in the province.

Grasslands are an important part of the ecosystem because they filter water, help prevent flooding and droughts, provide habitat and breeding grounds for birds, and sequester carbon.

Over half of the world’s population of sanderlings stop to rest and feed at the lake during their spring migration.