The village beach of Saranac Lake is on Lake Colby, and New York State operates a boat launch and fishing access; there is a ten horsepower limit for motorboats.

Less than 8% of its 3.7 miles (6.0 km) of shoreline is privately owned.

Camp Colby, the Lake Colby Environmental Education Camp for 11- to 13-year-olds, is located on the western shore.

Originally a private estate built by theatrical agent William Morris, whose clients were invited there for rest and relaxation, it was then known as Camp Intermission.

The Adirondack Medical Center hospital is located on the eastern shore of Lake Colby.