It is famous for its 13 (or 16) islands (Pertako, Bučinė, Aukštoji, Česnakinė, Liepinė, Didžioji, and others) that cover 1.1 square kilometres (0.42 sq mi).

Among the settlements located on the shores of the lake, Rubikiai village is the largest.

Anykšta rivulet, the namesake of Anykščiai and left tributary of Šventoji River, flows from the lake.

In 1960 Lake Rubikiai was declared a landscape reserve and now is part of Anykščiai Regional Park.

Every year since 1984 Lake Rubikiai hosts a regatta on the Joninės day.