Most of the extensive stands of wild rice originally found in here were wiped out when water levels were raised in the lake by the construction of the waterway.

The Cobourg and Peterborough Railway was completed in 1854 and crossed Rice Lake from Harwood to Hiawatha on a 4 kilometres (2.5 miles) line of wooden trestles.

However, the thick layers of ice that covered the lake in the winter damaged the bridge beyond repair and it was declared unsafe and closed within six years.

In the late 19th century, both before and after the railway bridge, steamboats provided both passenger and goods services, which could navigate up the Otonabee River as far as Peterborough.

An annual charity poker run boat race starting from Bewdley is held the first Saturday after Labour Day, with proceeds going to the Children's Wish Foundation.