Lake levels are variable; in 2002 it covered a surface area of 7,000 square metres (75,000 sq ft).

Temperature readings recorded at the lake bottom in 2006 suggest it is subject to geothermal heating.

Volcanic lakes in the Andes of Bolivia and Chile can be found at high altitude, some close to or exceeding 6,000 metres (20,000 ft).

[12] Licancabur was considered a holy mountain by the Atacameno people and climbing it is discouraged.

[14] In 2002, the lake covered a surface area of 7,000 square metres (75,000 sq ft).

[18] Its catchment covers a surface area of 22,000 square metres (240,000 sq ft) and was probably larger before the crater began to erode.

It is possible in the past that the lake overflowed its southwestern rim through a channel there, when the climate was wetter and water depth reached 40 metres (130 ft).

[18] Currently, an ice cover exists from April to September;[12] it can reach a thickness of 80 centimetres (31 in).

[5] Furthermore, night frosts can generate a thin ice cover that thaws in the morning.

[25] Shorelines around numerous lakes indicate that in the past, water levels were higher.

[29] The region experiences a high insolation with ultraviolet radiation, which can damage the DNA of organisms.

[2] Despite the high ultraviolet radiation, organisms can be found in the radiation-exposed parts of the water column, including at the lake surface at noon.

[6] A total dissolved carbon content of 2.44 milligrams per litre (8.8×10−8 lb/cu in) has been found in the lake.

[34] Cyanobacteria are mostly taxa which display nitrogen fixing such as Calothrix, Nodularia and Nostoc.

[21] Two cladoceran, two ostracod and one testate amoeba species were originally discovered in Licancabur Lake.

[6] The zooplankton species identified at Licancabur are widespread in South America, in one case reaching Antarctica.

[21] Animal species that have been identified in Licancabur Lake include the cladoceran crustacean Alona altiplana,[40] the calanoid copepod Boeckella titicacae, alternatively identified as Boeckella gracilipes,[41] the cladoceran Daphniopsis chilensis which may be endemic to the lake,[21] the cladoceran crustacean Pleuroxus fryeri,[40] and the testate amoeba Scutiglypha cabrolae.