The lake's name means red deer or elk in the Cree language.

The Prince Albert National Park Nature Centre is located in the village as well as many other amenities such as lodging, police, a gas station, shopping, and restaurants.

It is named after park founder and Canada's 10th prime minister,William Lyon Mackenzie King.

Being the recreational centre of Prince Albert National Park, there are a wide variety of activities in and around the lake, including camping at Beaver Glen,[6] Narrows,[7] and Red Deer Campgrounds.

Fish commonly found in Waskesiu Lake include walleye, northern pike, yellow perch, and cisco.