Wallagoot Lake sits within Bournda National Park on the Sapphire Coast of New South Wales, near the town of Wallagoot (postcode 2550), not far from Merimbula. The lake is a coastal lagoon with calm, protected waters that support a wide range of water activities, including kayaking, sailing, paddleboarding, and waterskiing. Its generally glassy surface makes it well suited to paddling at most times of year.

The primary access point is the Wallagoot Lake picnic area and boat ramp, which provides a formal launch facility. The Wallagoot Lake Sailing Club also serves as a departure point, notably used by guided kayak tours operating on the lake. A park entry fee of $8 per vehicle per day applies, collected via a self-registration system, so paddlers should bring correct change.

The lake supports a diverse aquatic ecosystem and is home to numerous species of waterfowl. Black swans, pelicans, and sea eagles are regularly observed on the water. Threatened species including the little tern and fairy tern nest on the foreshores during spring and forage during summer, which is worth keeping in mind when paddling close to shore during those seasons. Kangaroos are sometimes seen emerging from the dunes along the lake's edges, particularly around dusk.

Guided sunset kayak tours operate on the lake, launching from the Sailing Club and running through the evening hours. These tours highlight the wetland ecosystem and offer the opportunity to observe bioluminescent jellyfish in the water after dark. The lake's character is one of calm, open water within a natural park setting, with wildlife encounters a consistent feature of time spent on the water.

Facilities at the picnic area include sheltered picnic infrastructure, and the boat ramp accommodates vessel launches. Swimming is also possible from the shores. The lake is described as having protected waters, making it accessible for paddlers of varying experience levels. Birdwatching is a notable secondary activity that complements paddling, given the diversity of species present throughout the year.