The reservoir is a U.S. Army Corps of Engineers flood control project encompassing more than 12,000 acres (49 km2) and is a popular site for boating, fishing, and birdwatching.

The dam provides flood control, irrigation, recreation, navigation, and improved downstream water quality.

Throughout the summer, the water level is lowered by up to 3 feet (0.91 m) to provide for downstream irrigation needs, and is further lowered after September to provide necessary water storage capability to prevent possible downstream flood damage during the Willamette Valley's rainy season.

[4] The U.S. Army Corps of Engineers’ major repair effort of Fern Ridge Dam on the Long Tom River near Eugene began in June 2005 and was completed in late October 2005.

Fern Ridge is home to multiple parks and yacht clubs, both private and county-managed.