Situated within the Lily Lake Golf Resort, a private retirement golf community along US Highway 27, the lake is located approximately 2 miles (3,200 m) southwest of Frostproof, Florida.

The surface area of the Lily Lake community encompasses 9.78-acre (39,600 m2).

This lake is man-made, potentially resulting from dredged or excavated.

[6][7] The community's affairs are overseen by the Lily Lake Property Owners Association, the governing body.

The official address of Lily Lake Golf Resort is 6603 US Highway 27, Frostproof, FL 33843.