The outlet of the lake, at the bulkhead or "spillway" (located at what is now State Route 366) built in the 1850s by Irish laborers, is the beginning of the Great Miami River.

The lake, and adjoining Oldfield Beach (the end point of a several mile, lake-front biking/walking trail), Moundwood and Lakeview Harbor boat ramps, marinas at Moundwood and at Cherokee Campgrounds, and other greenspaces including Pew Island, are managed by the Ohio Department of Natural Resources as part of the Ohio state park system.

Popular state walking trails are located, in addition to the one ending at Oldfield Beach, at Pew Island and at the Cherokee Campgrounds.

While still busiest in the summer, since the late 20th century the lakefront has become developed as an area of second or retirement homes, with many new permanent houses, and remodeling of numerous older cottages.

Early settlers found a group of small lakes and wetlands, occupying about 640 acres (2.6 km2), and named them for the Indian tribes living in the region.

The area was ideal for fishing and hunting, but in the 1850s it was converted into the 6,334-acre (25.63 km2) "Lewistown Reservoir," in order to collect water for the Sidney Feeder to the Miami and Erie Canal, which extended from Toledo to Cincinnati.

In its early years, the lake had bass as a prize catch for fishermen, with bluegill and crappies being caught in great numbers.

[4] A major part of the lake's history is the amusement park and dancehall once in Russells Point, advertised as the "Midwest's Million Dollar Playground".

The park offered a penny arcade, a carousel, a millrace ride, a Ferris wheel, a funhouse, boat excursions, and a boardwalk to Sandy Beach Island for swimming.

The park and dancehall began to deteriorate and decline in the 1950s, as attendance fell due to people having more choices and access by personal cars.

An illuminated slowly revolving statue of the Virgin Mary was erected at the park in 1964 adjacent to the lake in an effort to bring families back.

Local low-power FM station WRPO in Russells Point serves the lake area; it is operated by a community-minded citizen.

The "Ring of Fire", on the Sunday evening of Labor Day weekend, by lore extends an Indian tradition in celebration of the harvest.

Some event, whether a restored Chris-Craft boat show, a fishing tournament, or charity "poker runs" around the lake, is scheduled on almost every summer weekend.