Trout Lake has both a warm water and a cold water fishery.
The lake trout fishery, the mainstay of the cold water fishery, was closed in 1991 due to overharvesting of the native lake trout, combined with stocking nursery lake trout on top of a native population. This fishery is rebounding nicely and should reopen soon. Bass angling is the mainstay of the warm water fishery, though there are a few pike and walleye in the lake. Back in the 1940's, walleye used to spawn in large numbers in Trout Lake. Most of the walley spawning ceased at that point.