A casino located just north of Cascade hosted guests traveling by rail along the western length of the lake.

The "indianist" composer Arthur Farwell camped on the east shore in 1899, before assuming his teaching duties at Cornell University, and wrote a set of piano pieces depicting his experience, entitled "Owasco Memories."

Located at the south end of the lake is the hamlet of Cascade, which consists of a community of cottages, a marina, and a restaurant.

This means that the land use has a large impact on water quality, and the lake especially vulnerable to nutrient loading from stormwater run-off.

Sewage treatment effluent from two communities flows into the lake, which is regulated and permitted by the NYS Department of Environmental Conservation.

Because it is smaller and shallower than many other Finger Lakes, its waters warm up much more quickly, so swimming, water-skiing, and boating are popular.