With an average depth of only 10 ft (3.0 m), the surface area of the lake is extremely volatile and fluctuates seasonally.

The surrounding area, which lies within Coconino National Forest, established in 1908, is part of the largest continuous stand of ponderosa pine in North America,[3] often hosting campers and hikers.

The settlers, who located their main communities along the Little Colorado River, established various cottage industries in Pleasant Valley: a sawmill in 1876, a dairy in 1878, and a tannery in 1879.

The Coconino National Forest archaeologists recorded the remains of the mill site, little more than a foundation and piles of rocks, about 5 miles (8.0 km) southeast of Mormon Lake, in 1978.

[4][5] Two small settlements, Mormon Lake Village and Lakeview, were developed along the lakeshore in wetter years, but lie a distance south of the average shoreline.