The lake is in the Moist Mixed Grassland ecoregion[2] in the Rural Municipality of Vanscoy No.

[3] Rice Lake is a shallow, semi-permanent fresh water marsh that is an important wetland for birds.

Water levels are mostly dependent upon spring runoff and seasonal rains.

To help regulate water levels, Ducks Unlimited built a dyke across the southern end of the lake.

The protected area covers 93.99 km2 (36.29 sq mi) of land and is an important wetland for the Franklin's gull, eared grebe, green-winged teal, northern pintail, mallard, and the Canada goose.