The nearest inhabited place is Enmelen, located 40 km (25 mi) to the southeast.

[2][3] Medvezhye is located in the Chukotka Peninsula, 90 km (56 mi) east of Kresta Bay, close to the Gulf of Anadyr of the Bering Sea.

It is a long and narrow lake that lies at the southeastern end of the Chukotka Mountains.

The lake fills a valley oriented from north to south bound by mountains on either side.

[4] Lake Medvezhye freezes in early October and stays under ice until mid-June.