In the local Nyungar language, Cooloongup means "place of children".

[3] The Lakes Cooloongup and Walyungup continue to be of spiritual significance for the local indigenous population as the place where the Sea Waugal laid her eggs.

[3] In the late 1980s, the Western Mining Corporation carried out limnology and botanical studies on the lake, which however were not published.

[4] A flora survey carried out by volunteers identified a large number of previously unsurveyed species at Lake Cooloongup, among them Billardiera heterophylla, Hakea varia, Hakea trifurcata, Ptilotus drummondii, Pimelea calcicola, Lobelia tenuior, Viminaria juncea and Arthropodium strictum.

[3] The stands of tuart, marri and jarrah trees support populations of the western grey kangaroo and western brush wallaby while, in the water, small freshwater crayfish have been reported.