The area around Lake Namakagon was logged heavily during the timber boom years from post-Civil War days through the mid-1920s.

Known locally as Chief Namakagon, he became legend as a result of Ashland Daily Press articles about his trading shards of silver for supplies.

There is a dam located on the west side of the lake and was put in place by the town of Namakagon in 1926 to regulate the water level.

Lake Namakagon is home to a thriving fishery with the following species; muskellunge, bluegill and other sunfish, largemouth and smallmouth bass, crappie, northern pike, and walleye.

Water activities include, jet skiing, swimming, boat riding, tubing, waterskiing, and windsurfing are all offered at the lake.

Namakagon is known for their great fishery of different species of bluegill and other sunfish, largemouth and smallmouth bass, crappie, northern pike, and walleye.