It was administered as a private company until 1950, when the federal Prairie Farm Rehabilitation Administration assumed control and modified the dam into a zoned earthfill structure from its previously homogeneous state.

Sport fishing yields Walleye, Yellow Perch, Lake Whitefish, Rainbow Trout, and Northern Pike (Jackfish).

Activities enjoyed at the lake include picnicking, swimming, fishing, wind surfing, canoeing, water skiing and power boating.

A major cottage development has formed in recent years on the east shore of the lake near the village of Milo.

American white pelicans and double-crested cormorants often forage on this large prairie reservoir from April to September.

The surrounding dry prairie uplands offer opportunities to observe marbled godwits and long-billed curlews.

A 1982 investigation of pesticide and PCB levels in McGregor Lake fish found that concentrations were low and well below safe consumption limits.

[4] The area around McGregor Lake has significant oil and gas discoveries with many large resource companies active, including Husky, Encana, and Total.

On June 13, 2007, a day-long session for observing water-born spill mitigation was held at the south end of McGregor Lake.