It has never been completely dry since European settlement, and there is evidence it was an open lake for centuries prior to the 1840s when rainfall and runoff were similar to those of the 1950s.

[9] Aquatic fauna once included fish species such as short-finned eel, common galaxias, flat-headed gudgeon and small-mouth hardyhead.

These may still survive in refuges such as Pirron Yaloak creek and various freshwater springs flowing from the stony rises on the south west side of the lake.

Springs on the south east side have dried – possibly due to over exploitation of the Warrion Aquifer for irrigation.

After receiving substantial grants from the government to undertake conservation works, the owner of Vaugn Island used earth moving equipment to remove habitat such as rocks and remnant vegetation.

[10] A crashed World War II RAAF Wirraway was discovered in June 2005 in Lake Corangamite.

The plane is believed to be Wirraway A20-406 (incorrectly attributed to A20-405 in some accounts),[11] which crashed into Lake Corangamite, 400 metres (1,300 ft) from shore, on 17 March 1943.