A public ramp is available on the Outlet River, west of the lake on C.R.470, south of S.R. 44. Panasoffkee is unusual, a true spring-fed lake, water depths seldom exceed four feet. The lake is most noted for its shellcracker fishing. Shellcracker are located by drifting over beds of eelgrass until white spots are seen. The white spots are dead snail shells used as spawning substrate by shellcracker and bluegill.
Most anglers use live worms as bait.
Largemouth bass fishing is also popular. Due to the lake's shallow nature and thick vegetation, anglers should use lures designed to fish this habitat. A severe drought since 1989 has reduced water levels in Panasoffkee. Small boats with a shallow draft and trolling motors with weed guards are necessary under these conditions. Even during normal water levels, large bass boats are not advised.