Geographically, Red Deer Lake is almost entirely within the northwest corner of Manitoba's Census Division No.

The area around Red Deer Lake played a significant role in the local lumber industry.

In 1901, the Red Deer Lumber Company opened a sawmill on the south shore of the lake and built a rail spur to connect the mill to the Canadian Northern Railway line to the south.

[3] Today, the area around Red Deer Lake remains heavily forested.

Additionally, the region is known for coal exploration, particularly targeting the Mannville Formation,[4][5] which adds another layer of economic activity to the area.