It is one of the largest lakes in Saint Paul and is the centerpiece of the Phalen Regional Park System.

The lake also has northern pike, largemouth bass, crappie and sunfish that are able to maintain population levels naturally.

Now the Saint Paul Sailing Club has space to moor 50 boats on the lake.

Lake Phalen was named after an early Irish settler of Saint Paul, Edward Phelan.

[14]: 155  John Fletcher Williams, a local historian, wrote in 1876 "It is a disgrace, that the name of this brutal murderer has been affixed to one of our most beautiful lakes - one that supplies our households with water.

Eventually 400,000 cubic yards (305,822 m3) of vegetation and sediment was dredged from around the lake shore.

[20] A Chinese garden is being developed with St. Paul's sister city, Changsha, China.

[21] Along the west side of the shoreline is a monument that the Civilian Conservation Corps built to commemorate their work in improving the park.

[22] A portion of the lower creek is uncovered and runs along the Bruce Vento Regional Trail.

[23] PLAN was founded in 2009 with its stated mission to, "Advocate for and preserve the quality of life of neighborhoods around Phalen lake.

PLAN also hosts an online calendar of events for activities focusing on the lake.