Shawnigan Lake sits on southern Vancouver Island, roughly 9 miles (15 km) west of Highway 1, and covers approximately 553 hectares (5.5 km²). A paved road circles the entire lake, providing convenient access to multiple points along the shoreline. Three public boat launches serve paddlers: the Recreation Road Boat Launch at 2412 Recreation Road (reached by turning west off the Trans-Canada onto Shawnigan Lake/Mill Bay Road, then left onto Shawnigan Lake Road, right onto Radway Road, and left onto Recreation Road), Shawnigan Wharf Park, and a third launch at the end of Clearihue Road just northwest of West Shawnigan Lake Park off West Shawnigan Lake Road. Boat rentals are also available near the town of Shawnigan Lake.

The lake supports a mix of motorized and non-motorized recreation, including water skiing, wakeboarding, and personal watercraft use, which can make conditions busier and choppier, particularly on summer weekends. Paddlers seeking calmer water will find weekdays and the off-season considerably more pleasant. There are no lifeguards on duty at BC Parks facilities on the lake.

A popular paddling destination is Memory Island Provincial Park, located near the southern end of the lake. The island is accessible only by water and is roughly 1 km from the boat launch on the west side of the Malahat Drive section of Highway 1. The park offers picnic tables and pit toilets, and the island serves as habitat for small mammals, birds, amphibians, reptiles, plants, and fungi, making it a good spot for wildlife observation. Paddlers launching from West Shawnigan Lake Provincial Park on the northwest shore should expect a longer paddle of several miles to reach the island.

West Shawnigan Lake Provincial Park itself provides beach access, pit toilets, picnic tables, and short walking trails. The park sits within a Douglas fir forest on the northwestern shore. The lake is stocked with rainbow and cutthroat trout, and also holds kokanee, smallmouth bass, and perch. All anglers must hold an appropriate British Columbia fishing licence and consult current Fisheries and Oceans Canada regulations before fishing.

The lake has been a recreational destination since the late 1800s, when the Victoria–Nanaimo railway opened access to the area. Much of the original cottage shoreline has since been replaced by higher-end waterfront properties.