The lake was named after Prince Albert, the Consort of Queen Victoria, by George Gawler, the Governor of South Australia.

[5] Lake Albert is visited regularly by people travelling to and from Melbourne, the Limestone Coast, the Coorong National Park, Tailem Bend, Murray Bridge, and Adelaide.

[citation needed] Visitors enjoy fishing, camping, bushwalking, 4WD tracks, bird watching and water sports.

[6] The possibility of flooding the lake with seawater to prevent acidification was raised, and tension remains between South Australia and the upstream states over how to share the dwindling supply of water.

[8] Lake Albert supports critically endangered orange-bellied parrots, endangered Australasian bitterns, vulnerable fairy terns, as well as over 1% of the world populations of Cape Barren geese, Australian shelducks, great cormorants and sharp-tailed sandpipers.