The U.S. Bureau of Reclamation began purchasing rights-of-way in June 1963 and started constructing the dam and Waconda Lake in November 1964.

[6] Finding the Solomon River inadequate as a municipal water supply, the nearby city of Beloit, Kansas successfully requested use of Waconda Lake.

In November 1976, the Kansas State Board of Agriculture approved Glen Elder Irrigation District-No.

Lake Drive, another paved county road, runs north-south across the reservoir's western end.

[13] A spillway structure controlled by twelve 50-foot radial gates is located at the south end of the dam.

A separate outlet works structure at the north end of the dam manages outflow into the river itself.

[6] The U.S. Bureau of Reclamation operates and maintains both Glen Elder Dam and Waconda Lake.

[14] The KDWPT operates Glen Elder State Park located on the north shore of the reservoir's eastern end.

[8][15] The park includes a visitor center, a marina, an amphitheater, boat ramps, hiking trails, swimming beaches, camping facilities, and the Waconda Heritage Village.

[6] The Waconda Heritage Village is a living museum in Glen Elder State Park.