The park is home to a large number of birds such as American coots, mallards, gulls, and also some very unusual birds who live near the small forest on the northern side of the park or on the small island (often called Duck Island), inaccessible to land bound visitors, in the center of the lake.

Many people come to bicycle or jog around the lake's perimeter, and many families come for the two playgrounds in the park and the other three that it connects to by walkway.

Fishes that could be caught include sunfish, trout, catfish, and largemouth bass.

Mission Creek flows into Lake Elizabeth on the southern shore.

As part of the Warm Springs BART expansion, a 1.25 mi (2.01 km) cut-and-cover tunnel was built across Fremont Central Park and under Lake Elizabeth at a cost of $137 million.