The lake is named after John Mullett, who, together with William A. Burt, made a federal survey of the area from 1840 to 1843.

The Inland Waterway was a Native American trade route that was later opened to small steamer and modern recreational traffic.

Mullett Lake is an excellent fishery, containing large populations of game species, including brown trout, brook trout, rainbow trout, lake trout, splake, smelt, northern Pike, muskellunge, yellow perch, walleye, smallmouth bass, largemouth bass, sunfish and most notably lake sturgeon (the state record specimen was taken from these waters) In the census-designated place of Mullett Lake, which is located on the north end of Mullett Lake, there is a historic former Michigan Central passenger train station.

The station sits directly at the end of Polish Line Road and has about 200 feet (61 m) of lake front property.

The "Old Depot", which is the nickname for the cottage, was the main connection between Detroit and Mackinaw City.