The dam, lake, and all adjacent property are managed by the Fort Worth District of the U.S. Army Corps of Engineers.

The reservoir was officially impounded in 1980 and serves to provide flood control for the communities downstream.

The dam is used for flood control, water conservation, recreational use, as well as fish and wildlife habitat.

Fish present in Granger Lake include catfish, white bass, and crappie.

Zebra, Quagga, and mussels are an invasive species that are able to attach themselves to boats and can be spread through anthropogenic sources.