Lake Buffalo is a reservoir situated on the Buffalo River, approximately 20 km south of Myrtleford and just over 300 km north of Melbourne in Victoria's high country. The lake sits at the foot of Mount Buffalo National Park, with the rocky outcrops of the mountain visible from the water. The dam itself is a 31-metre high, 634-metre long embankment structure, and the lake is managed by Goulburn Murray Water (GMW) as one of 16 water storages across the region.

Canoeing, kayaking, and paddle boarding are all supported activities on the lake. The primary boat launch is located near the dam wall and is accessible year-round. The Marshall's Ridge ramp was upgraded in 2022 with formalised parking, improved boat preparation areas, and reinforced foreshore, making trailer launching and retrieval more straightforward. The lake also sees motorised boat traffic, including water skiers and wake boarders, so paddlers should be aware of sharing the water with powered craft. A 5-knot speed limit applies within 60 metres of shore.

The water originates from mountain catchments and is described as crystal clear. The lake supports a variety of fish species including Redfin, Macquarie and Golden Perch, Brown and Rainbow Trout, Murray Cod, and River Blackfish, making it a popular destination for kayak fishing. Water temperatures can be notably cold, particularly earlier in the season.

Regulations require paddlers and other users to take all rubbish out with them, as dumping is prohibited. Bringing in or removing vegetation is not permitted, and interfering with wildlife or their habitats is prohibited. Paddlers should observe all posted signage regarding speed zones and designated areas.

The surrounding landscape includes views toward Mount Buffalo National Park, and the area attracts a range of visitors including cyclists and hikers in addition to water users. Facilities at the lake include parking areas and boat ramp infrastructure. The Myrtleford Boat Club is based at the lake, and the area is used regularly enough that paddlers can expect other water users, particularly on weekends and during warmer months.