The primary purpose of the dam is the supply of potable water for the Brisbane and Ipswich regions.

South-east Queensland's largest dam also provides for flood mitigation control, hydroelectricity, and recreation.

From a catchment area of 7,020 square kilometres (2,710 sq mi) that includes much of the south–western slopes of the D'Aguilar National Park, the dam creates Lake Wivenhoe, with a surface area of 1,094 hectares (2,700 acres), a maximum shoreline of 462 kilometres (287 mi), and an average annual evaporation level of 1,872 mm (73.7 in).

In 1976, the Government gave approval to proceed with construction of the pumped storage hydro-electric scheme.

[7] To provide the 337.5 square kilometres (130.3 sq mi) of land required for the dam, 200 properties were acquired.

[2] Built in the late 1970s – early 1980s as a multifunction facility by a consortium of construction companies including Thiess Brothers, Wivenhoe Dam provides a safe water supply to the people of Brisbane and adjacent regions.

[11] Between April 2004 and September 2008, a 165-metre (541 ft) wide auxiliary spillway with a three-bay fuse plug was installed on the western portion of the dam to further mitigate flooding.

[15] On 11 January 2011, Wivenhoe Dam reached its highest level ever, 191% of normal water supply storage capacity, as it held back floodwater.

[9] During the peak of the flooding event the dam water level reached 60 centimetres (24 in) below the auxiliary spillway height.

[13] Wivenhoe Dam reaches a 180% capacity as of 27 February 2022[17] In 2006, emergency plans for placing fully treated recycled water from the Western Corridor Recycled Water Scheme into the dam to supplement supply were made public.

[25] Self-sustaining populations of lungfish have lived in dams in South East Queensland for over 100 years since 1896.

Land around the dam has been the location for a tree planting program in order to provide koala habitat.