Waubee is typical in structure of natural lakes of the glaciated portions of the upper Midwest.

Like other lakes in the general area, Waubee is lined with vacation homes and year-round residences.

Part of the extreme upper west shore is void of residences and borders farm land.

The name Waubee is believed to have come from a common name, Wau-Be, of the Potawatomi people who had a camp where now stands but no authority exists for this claim.

A name change request has been submitted to the United States Geographical Survey and is unchanged as of April 2022.