Gyrfalcons nest quite close to the community, and snowy owls have been seen from the roadside between Taloyoak and nearby Middle Lake. Huge flocks of ducks and Canada geese also fly over the community on their migrations. Wolves are not usually found near town, and hunters must also travel some distance for caribou. Muskoxen are present further north on the Boothia Peninsula and Somerset Island, and on the barren lands to the south. The waters around Taloyoak are rich with ringed seals .
Whales are generally scarce, but are occasionally spotted further north.
Polar bears are found in coastal areas to the north and west. There are many outstanding fishing spots within walking distance of town. Arctic char can be caught during their autumn run in local lakes and rivers. Ice fishing for lake trout and whitefish is common during late winter and spring. It is also a favorite camping spot in summer, and many families have cabins there.