The lake is particularly known for the diversity of its flora and fauna and is surrounded by swamps and canals that drain the whole local basin into the sea.

A road connecting Varna with Burgas passes through the sand strip in the middle of the lake.

Twelve of them are globally endangered, including the pygmy cormorant, the red-breasted goose, the ferruginous duck, the Dalmatian pelican and the corn crake.

Seventeen local species of birds in danger of extinction in Bulgaria also live in the lake, including the common tern and Audouin's gull.

As of August, 2019, Lake Atanasovsko is home to the largest colony of flamingos in Bulgaria, numbering 159 individuals, having grown from 126 in autumn, 2018.