It was opened in 1944 to serve Emerald Lake Park, a popular picnic and recreation reserve created during World War II.

The station originally consisted of a short single-face platform on the up side of the line, approximately on the site of the current locomotive water tanks.

Lakeside today is a staff station, with a passing loop, island platform and waiting shelters.

There is also a second loop siding beyond the former park access road for the single-face third platform which services the Visitor Centre.

Of interest is a working wig-wag level crossing warning signal, which operates at the former park access road between the platform and storage siding.