The lake itself is nestled in a basin at the base of Twilight Peak, making the peak readily accessible. Snowdon Peak is also accessible from the Crater Lake Trail. Climbing either of these peaks affords a spectacular panoramic view including Needles, the Grenadiers, and the town of Silverton in the distance. The beginning section of the trail switchbacks up a 500-foot rise, but once that has been ascended, the rest of the trail proceeds gently through alternating heavy timber and open meadows. Toward the end of the trail, one will encounter several marshy ponds and the trail becomes somewhat indistinct, but still discernible.
Crater Lake offers fly and spin-casting fishing.
Turn right where Hwy 110 forks and follow the Old Hundred Mine Tour signs to Cunningham Gulch about 5 miles out of town. Turn right at Cunningham Gulch past the Howardsville bridge. Trailhead access is reached by driving about 2 miles into upper Cunningham Gulch. At the head of the gulch is the remains of Highland Mary Mill and regular cars should park here. Those with 4-wheel drive may continue down to the right across Cunningham Creek for another mile.