In spring, fishing can be good, with big trout taking flies and jigs. Later in the season fishing drops off. The lake was stocked with 30,000 rainbow trout in 1989, and the Fish and Wildlife Department plans to maintain it as a self-sustaining fishery. Anglers may keep only one trout, at least 16 inches long. Only single, barbless hooks are allowed, and bait is prohibited.
Some anglers say the best fishing seems to be at the ends of the lake, and near the shore.
To prevent gasoline from getting into the water, no gas-powered motors are allowed on boats at Coldwater, even if they aren't being used. On a nice day, a motor isn't really necessary for people willing to paddle a canoe or raft. However, winds at the lake shift direction, and can be quite strong, so don't assume that an easy paddle out will mean an easy paddle back to the dock. Boaters are urged to have life jackets. Shore angling is allowed at only three locations.