Yellowstone Lake is situated in the southeast quadrant of Yellowstone National Park. The nearest park gates are East Entrance and South Entrance, 27 miles (43 km) and 42 miles (69 km) respectively. The roads to Bridge Bay, Lake Village and Fishing Bridge are accessible to wheeled vehicles from early May through October and oversnow vehicles from late December to early March.

Yellowstone Lake is best experienced by boat or on foot. Boat rentals and scenic cruises are found at Bridge Bay marina. Popular trails include Pelican Creek, Elephant Back Mountain and Howard Eaton. Pelican Creek Trail, a 1-mile or 1.6km loop, is a great place for birding. The short but strenuous Elephant Back Mountain Trail, a 3-mile or 5 km loop, boasts a sweeping view of Yellowstone Lake. Howard Eaton Trail, 7 miles or 11.3 km roundtrip, traverses meadow, forest and sagebrush flats. And while this long but easy trail has little to do with Yellowstone Lake it provides a great opportunity to spot wildlife. NB: Yellowstone Lake trails are in grizzly country. Check the ranger station for trail closings before you set out. Maintain a safe distance from all wildlife, 100 yards (91m) from bears and wolves and 25 yards (23m) from all other animals.