The municipality consists of six small communities (Balmertown, Cochenour, Madsen, McKenzie Island, Red Lake, and Starratt-Olsen)[4] and had a population of 4,094 people in the 2021 Canadian census.

The municipality was formed on 1 July 1998, when the former incorporated townships of Golden and Red Lake were merged along with a small portion of Unorganized Kenora District.

[5] In 1790, the Hudson's Bay Company established a trading post at Red Lake as an outpost of Osnaburgh House.

A report by Department of Mines geologist and former head of geology at Queen's University Dr. Everend Lester Bruce indicated gold-bearing quartz was to be found in the greenstone around the lake.

[8] The town experienced a sudden surge of economic, industrial and population growth with the development of the gold mines.

By 1936, Red Lake's Howey Bay airport was the busiest in the world, with more flights landing and taking off per hour than any other.

This long winter is ideal for the local snowmobilers and for ice fishing, although the wind is often very cold and temperatures may drop to below −35 °C (−31 °F).

During the summer, the area experiences a moderate climate with little humidity, which is ideal for fishing, camping, boating, canoeing, and hiking.

The three primary sources of employment in Red Lake are support services for the numerous mines surrounding the town, small scale logging and a tourism sector specializing in hunting and fishing.

Today, Red Lake Airport is a "mini-hub" facilitating travel to and from all northern communities in Northwestern Ontario.

Some citizens even participate in the fur industry with established trapping lines interspersed throughout the local forests.

The gray wolf, white-tailed deer, red fox, beaver, and many bird species also inhabit the area.