When Ballarat was first surveyed in 1851 by William Swan Urquhart, the swamp was recorded as Wendouree and the misunderstood Aboriginal word became the official name.

Renowned fly-fishing author Alfred Ronalds established Ballarat's first garden nursery in 1854 at the outlet stream that flowed from the swamp and irrigated it from this creek.

[4] Plans to dam the outlet began as early as the first surveying and the bank was raised and a pipeline was installed in 1858 to supply the burgeoning gold rush settlement.

Within a decade it had become the recreational focus of Ballarat, a popular destination and by the 1880s dozens of paddle steamers, ferries, yachts and rowers were using the lake's waters and newly built boat sheds and the establishment of Victorian era gardens around its banks.

During the summer of 2008–2009, fairy grass growing on the dried up lake bed caught fire multiple times.

The diversity of pondlife is rich and attracts numerous school groups making visits for environmental science field studies.

The track around the lake provides an interesting 6 km challenge to walking, cycling and running enthusiasts who complete the circuit in their thousands each week.

For serious athletes, the record for running the 6 km lap of the lake is 16 minutes and 10 seconds, set in 1992 by Marathon Olympian Steve Moneghetti.