Wascana Lake is an urban lake situated within Wascana Park, a 2,300-acre greenspace in the heart of Regina, Saskatchewan. The park is within walking distance of downtown Regina and approximately a five-minute drive from the city's airport. The lake is divided into two distinct zones by the Broad Street Bridge. The western portion is designated for water-based recreation, while the eastern portion is a federally protected Migratory Bird Sanctuary with no public access permitted.

The west lake is home to the Regina Rowing Club, the Wascana Racing Canoe Club, and the Wind on My Wings Sailing Club. Paddlers can access the west lake for canoeing, kayaking, and sailing at the Marina near the Broad Street Bridge during spring, summer, and fall. There is no water access during winter months due to the installation of aeration systems throughout the west lake. Canoe, kayak, and paddleboard rentals are available at the marina.

The lake was drained and dredged in 2003–2004 in a project known as "The Big Dig," which deepened it by an average of approximately 5 metres. The lake now has an overall depth of 5.5 metres, with a deeper section of 7.5 metres designated as fish habitat. This work was undertaken to reduce aquatic weed growth, improve water quality, and support competitive and recreational paddling. The lake is noted for being a still-water venue that is well sheltered from wind, making it well suited for flatwater paddling and racing.

The west lake features a seven-lane, 1,000-metre race course, with the starting line near the north shore and the finish line at Pine Island on the south shore. Pine Island, accessible by a pedestrian bridge, includes a Finishing Line Facility completed in 2014, which has enabled Wascana Lake to host events such as the National Dragon Boat Championships and the Canadian Sprint Nationals.

Notable landmarks visible from the water include the Legislative Building, Speakers Corner, the historic Bandstand, and the Conexus Arts Centre. The east lake, though off-limits to paddlers, contains a marsh ecosystem that supports a wide variety of wildlife. Common carp and white sucker are among the fish species present in the lake.