It is one of the deepest lakes in Alberta with a maximum depth of 99.1 metres (325 ft).

Cold Lake is also major stop for many migrating birds, and is home to one of the largest warbler populations in Alberta.

By the Middle Holocene, the mammalian fauna that lived in the region was in essence a modern one.

[5] Fish species include walleye, sauger, yellow perch, northern pike, lake trout, lake whitefish, cisco, burbot, white sucker, and longnose sucker.

Both Alberta and Saskatchewan angling licences are valid on the entire lake.