In the 18th century, workers deepened the outlet of the lake to draw the water down in order to extract bog iron for the smelting industry.

Because of the lake and the fact that Sharon is at a slightly higher elevation than the surrounding towns, and because it is located on the main rail line going south from Boston, the shores of the lake developed into a minor summer resort with several large hotels, summer camps and cottage colonies.

The site of the former ice house is now a large town beach.

The beach was created by trucking in quantities of sand after the ice house burned down.

The Wheaton College Sailing Team, Sharon High School Sailing Team, and Dover Sherborn High School Sailing Team train on Lake Massapoag.