It is known primarily for its rock formations caused by spheroidal weathering, its ruined castles and the only remaining bear trap (Bärenfang) in the region.

Marked hiking trails lead from all points of the compass to the mountain, and public roads run from Weißenstadt or Sparneck to the area of the summit.

To the east, opposite the Waldsteinhaus, rises a massive rock face, on which the remains of the once mighty fortress of Waldstein is perched.

Only Karl Dietel refuted this incorrect assumption in his work Der Große Waldstein im Fichtelgebirge.

For some time the interior of the Red Castle was placed out of bounds due to massive cracks in the structure, but following renovations in 2008 the ruins are open to the public again.

In front of the castle gate is the legendary Devil's Table (Teufelstisch), a massive block of rock shaped like a mushroom that is topped by an oval slab.

On the slab of this unique rock deep holes can still be seen, which according to legend, were caused by iron cards, with which the devil played with goblins and ghosts.

The only evidence for this is the work of the engraver Gerd Könitzer who, in the middle of the 19th century, made several prints of the Waldstein summit and its various structures.

In front of the steps up to the Schüssel observation pavilion are the remains of a wall, part of a late Romanesque chapel which belonged to the castle of Ostburg.

During excavations several stone-age micro-blades, scrapers, and pierced pendant fragments made of Jurassic chert, which does not occur in the Fichtel Mountains, were found.

This name was transferred to the viewing pavilion, built in 1851 by the master forester, as King Maximilian II of Bavaria had announced his intention to pay a visit but, due to a shortage of time, did not come to the Waldstein.

This resulted in the construction of a welcoming little 'hunting lodge' being built in 1850 on top of the Waldstein in front of the ruins of the Red Castle and Devil's Table.

On Sundays in the summer, it is recorded that groups of musicians from Münchberg, Schwarzenbach an der Saale and Hof gave brass band concerts, which were well attended.

The opening of the branch line from Münchberg to Zell in 1902 brought even more walkers and visitors to the Waldstein and the Fichtelgebirge Club had the idea of erecting an extension to the existing Forestry Commission lodge.

In 1906 negotiations over the property were held with the state, on 2 May 1907 the notary authorised the purchase of land and, on 21 June 1908, was the finished building was opened.

The Fichtelgebirge Club leased the lodge from the Forestry Commission in Bayreuth and, after protracted negotiations, bought the state-owned part of the house on 27 to December 1965.

Now the Club was both owner and occupier of the entire area on the Waldstein summit, its local branch in Münchberg being responsible for upkeep since that time.

The two originally separate houses were joined by a central section, and the entrance, kitchen, toilets and the guest rooms in the old forestry building were redesigned.