Lake Waihola is a 640-hectare tidal freshwater lake located in Otago on New Zealand's South Island, approximately 40 km south of Dunedin and 15 km north of Milton. The lake stretches roughly 6 kilometres in length and covers around 9 square kilometres, but remains extremely shallow throughout, with a mean depth of just 0.75 metres. This shallowness is the defining characteristic of the paddling environment: the lake is tidal, with saline water periodically introduced via the Waipori River at the northern end, which connects downstream to the Taieri River. Many areas feature soft mud bottom, and navigating the shallower channels requires caution and some local knowledge, particularly in low-light conditions.

The primary access point is a boat ramp located behind the Waihola Holiday Park on the lake's eastern shore, in the small township of Waihola. A wharf, clubrooms, and car parking are also available at the northern section of the lake's Destination Park reserve, which is the main hub for boating activity. Public toilet facilities are located near the yacht club car park.

Kayaking is among the listed recreational activities on the lake. The surrounding landscape includes extensive wetlands, most notably the internationally recognised Sinclair Wetlands, which lie between Lake Waihola and the adjacent Lake Waipori. These wetlands support numerous wading bird species and black swans, making wildlife observation a notable aspect of time spent on the water. The lake is also known for its reflective surface on calm days, with views toward the Maungatua hills to the north.

The lake carries considerable historical significance, having served as a transit route during the 1860s Otago gold rush, when prospectors crossed by paddle-steamer en route to the goldfields at Gabriel's Gully. It is described as New Zealand's most inland tidal lake.

Windy conditions are noted as affecting the lake's character, and the shallow, open nature of the water means wind can significantly alter conditions. The lake also hosts yachting, waterskiing, jet skiing, and rowing, so paddlers should be aware of motorised and sail traffic, particularly at the northern end where boating activity is concentrated.