Silver Lake, an artificial body of water created in 1816 following the damming of the Laurel Creek by Abraham Erb to power a grist mill, sits at the south end of the park.

[4][5] It was purchased following a review by Waterloo to create more green space for the growing number of residents transitioning from rural to urban living.

[2] The committee responsible for the review had considered two additional scenarios: the establishment of a joint park with Berlin, now Kitchener, on the grounds of Mount Hope Cemetery and the development of fairgrounds situated near William and Caroline.

[2][6] A Board of Park Management initially consisting of Christian Kumpf, Isaac Erb Bowman, William Snider, Dr. J. H. Webb, Walter Wells, and Jacob Conrad was established to oversee the development of the land.

[11] In the early 1990s K-W Ornamental Iron Works Limited was contracted by the city to recreate plans for the gateway using old photographs, and a new version was installed to the west of the original location in 1993.

[15] Launched by Waterloo Musical Society director Charles Thiele to mark the Golden Jubilee of the group, the festival continued for several years drawing performers from across North America and gaining international recognition.

A skateboard park opened in 2012 along Father David Bauer Drive, followed by a grand entrance across from the Waterloo Memorial Recreation Complex a year later.

[19] During the summer of 2018 a series of reconstructed and partially separated trails opened, allowing pedestrians and cyclists to travel more safely through the park.

[21] Plans for the closure were accompanied by funding for new splash pads in parks across the city by 2022, including a smaller one off of Father David Bauer Drive scheduled for the 2020 season.

[1] The Park Inn, a refreshment stand located above Silver Lake designed by one time Waterloo city councilor Charlie Voelker, was opened in 1955.

[27] Since opening, Waterloo Park has been the site of numerous social and cultural events including music festivals, family reunions and athletic competitions.

[29][30] Animals were introduced to the park as part of a wildlife zoo in the 1960s as a centennial project gifted to the city by the Waterloo Lions Club.

[31] When first opened the zoo housed animals representative of Canadian wildlife including bears, wolves, cougars and, at one point, a moose.

[32][31][34] In operation year-round, the farmstead consists of five enclosures that house miniature horses, donkeys, alpacas, llamas, peacocks, pot-bellied pigs, pygmy goats and varieties of fowl.

It was relocated to Berlin, near the current location of the Kitchener Collegiate Institute, where it served as the home of the formerly enslaved Levi Carroll, of Maryland, and his family.

[43] Used as a grist mill pond, its creation slowed the flow of water through the Laurel Creek watershed, causing a buildup of sediment from upstream.

[44] The problem was exacerbated in 1895 when local residents successfully petitioned the Grand Trunk Railway to extend the Waterloo line to Elmira.

"[45] The need for a rehabilitation plan was further underscored in August 1995 when several hundred waterfowl, predominantly ducks, died from botulism, the result of extreme temperatures and excrement build up in the shallow, sediment clogged lake.