Approximately half of the lake's shoreline consists of private homes with a mixture of seasonal and year-round residents.

The construction of two colonial sawmills marked the beginning of enlarging the small ponds.

[4] Beginning in 1825 the Newmarket Manufacturing Company began to acquire land in the area for the construction of a reservoir to supply a consistent source of water power to its textile mill in nearby Newmarket, downstream from the lake.

Its interests in the lake eventually passed into the hands of the New Hampshire Electric Company, which outfitted the dams with generators for hydroelectric power.

Ultimately, the production of electricity became unprofitable and in December 1955 NH Electric deeded the lake, its islands, its adjacent land, two dams, the dikes, and the water rights to the State of New Hampshire.

The southern portion of Big Island contains about half of the campsites in Pawtuckaway State Park.

The lake is classified as a warmwater fishery, with observed species including smallmouth and largemouth bass, chain pickerel, white perch, horned pout, and black crappie.