The park offers fishing, lake swimming on an unsupervised beach, water skiing, disc golf, picnicking, camping, nature study, hiking, horseback riding and boating.

The land surrounding the lake is generally a semiarid, gently rolling prairie, much of which has been covered by mesquite in recent decades. Waterfowl and wading birds are common park visitors and residents. Popular fish include crappie, perch, catfish and bass.

Lake Arrowhead State Park consists of 524 acres in Clay County, 14 miles southeast of Wichita Falls. The area was acquired in 1970 from the city of Wichita Falls under the State Parks Bond Program and was opened the same year.

Lake Arrowhead itself is a reservoir on the Little Wichita River and covers approximately 16,200 surface acres, with 106 miles of shoreline. Built primarily as a water supply by the city of Wichita Falls, the lake is also a major recreational site for the North Central Plains.