When purchased in 1907 by the Minneapolis Park and Recreation Board, the lake was very shallow, only 5 feet (1.5 m) deep in the deepest spot.

[4] Lake Nokomis has recently undergone a preservation project, creating areas of native vegetation along its shores.

Fishing and sailing are popular, there are two beaches with good (imported) sand, and the surrounding large park has facilities for walking and running, softball, cycling, and other sports.

Lake Nokomis has been the site of one of the more distinctive activities in the Minneapolis Aquatennial celebration, the "Milk Carton Boat Race," from 1983 to 2000, although that event was relocated back to Bde Maka Ska in 2001.

[6] Some fish consumption guideline restrictions have been placed on the lake's walleye and white sucker due to mercury contamination.