Msta River
The town of Valday stands on the southwestern shore of the lake along the Moscow - St. Petersburg highway known as the "Russia" ("Россия") highway. One of the islands, Selvitsky Island (), is occupied by the Valday Iversky Monastery. Besides Valday, there are also several villages around the lake. An anabranch connects Lake Valdai to a smaller lake, (). Lake Uzhin, the source of the Valdayka River, belongs to the river basin of the Msta River and thus to the Baltic Sea basin.