[1] Preston Lake is home to numerous fish species, including largemouth bass, yellow perch, brown bullhead (catfish), and pumpkinseed (sunfish).

[5] Use of the lake and its shorelines is regulated by the Department of Fisheries and Oceans Canada in conjunction with the Toronto and Region Conservation Authority (including some funding for shoreline restoration); the Ministry of Natural Resources governs fishing regulations, town by-laws prohibit the use of power boats on the lake,[6] and laws are enforced by the York Regional Police Marine Unit.

In 1802, Frederic Baron de Hoen was granted 2,600 acres (11 km2) in Whitchurch Township around the lake, owning lots 10 and 11, concession 4.

In 1920, the Middletons sold their land to George and Annie Preston who developed the lakeshore as a summer tourist resort in the early 1920s.

On 29 August 1930, Plan 232 was approved by Whitchurch Township, and Preston hired engineers and surveyors to begin development of the north side of the lake.

Preston created one public and one private beach, installed a wharf and diving facilities and stocked the lake with bass for fishing.

When the beach and trailer park on the west shore were purchased by for estate property development in the 1990s, the town of Whitchurch–Stouffville failed to ensure and protect public access to its own lake.

Today, despite the investment of significant funding and/or oversight of all levels of government, the lake is completely surrounded by private property and access is restricted to fewer than 700 people.