It is a body contact lake (swimming, fishing, standup paddleboarding (SUP), and boating are allowed), located south of the Conejo Valley and city of Thousand Oaks, and west of Westlake Village.

For statistical purposes, the United States Census Bureau has defined Lake Sherwood as a census-designated place (CDP).

The area is almost completely residential, most residents using neighboring Thousand Oaks, Westlake Village, or Agoura Hills for commercial needs.

Among the notable residents are hockey great Wayne Gretzky, who lived in a Georgian-style estate designed by fellow Canadian, Richard Landry.

Gretzky sold the estate in 2007 for 18.5 million to another sports-star, baseball's Lenny Dykstra and moved to a slightly less extravagant mansion in the community.

The tennis legend Pete Sampras and his wife, actress Bridgette Wilson, built a very large, modern, hilltop estate they have since moved from the house.

Also, William Randolph Hearst, who was one of the first famous residents in the area and owned property around the lake, used his estate as a vacation getaway during the 1920s and 1930s.

Lake Sherwood lies just west of several major movie ranches and has frequently been used as a filming location for television shows like The Dukes of Hazzard, The Rockford Files, and Little House on the Prairie.

[8] The 1938 film, The Adventures of Robin Hood, starring Errol Flynn, also had a single scene shot on location at "Sherwood Forest".