Aboriginal people long inhabited areas around Lake Minnewanka, as early as 10,000 years ago, according to stone tools and a Clovis point spearhead discovered by archaeologists.

The area is rich in animal life (e.g. elk, mule deer, bighorn sheep, bears) and the easy availability of rock in the mountainous terrain was key to fashioning weapons for hunting.

A hiking and mountain biking trail runs along the northern shore of the lake, passing Stewart Canyon and six backcountry campsites.

[2] Mount Aylmer which at 3,162 m (10,374 ft) is the highest mountain in this area of the park, is located a few kilometres north of the lake.

While the National Parks Act was suspended during World War II the much larger embankment dam that still exists was constructed in 1941 and raised the lake 30 m (98 ft).