The lake level varies throughout the year, as more or less water is allowed through a hydroelectric dam on the Magaguadavic River in St. George.

Lake Utopia is a popular eastern Charlotte County recreation destination among year-round residents and cottage-goers for swimming, boating and fishing.

The camp was later owned and maintained by Connors Bros. Ltd. After the decline of its operation, Scout's Beach became known locally as a "party spot" and was host to two or three large gatherings every summer during the 1970s-1980s.

Located in the southern part of the lake, "Cannonball Island" was used as bombing practice by the nearby former Pennfield Ridge Air Station during the Second World War.

A pair of ledges located in the central section of the lake, along the western shore, are called "The Butterballs".

The story goes that long ago two Maliseet Natives were canoeing on the lake when suddenly the monster appeared and chased them from one end to the other.

[citation needed][1] It has a decidedly long and bulky cetacean appearance, and is described as a toothless herbivore,[2] and may be representative of an unknown group of animals that travel back and forth between Lake Utopia and the Atlantic Ocean.

On July 28 1908, the crew of the schooner Madagasca reported they had seen a sea serpent in the Bay of Fundy near Cutler, Maine which is presumed to be related.