Vaseaux Lake features a variety of wetland and foreshore habitats that support large populations of migratory bird species along the inland portion of the Pacific Flyway. Bird species of note include trumpeter swan, great blue heron, western screech-owl, yellow-breasted chat, and the red-listed Lewis's woodpecker. It is for these reasons that the Canadian Wildlife Service designated the lake and its foreshore a Migratory Bird Sanctuary in 1923. 

Other common species include Canada goose, mallard, American coot, pied-billed grebe, red-necked grebe, horned grebe, common loon, green-winged teal, redhead, osprey, Virginia rail, sora, and belted kingfisher.

Vaseux Lake covers 282 hectares, was gazetted as a Migratory Bird Sanctuary in 1923 and is managed by the Canadian Wildlife Service, Pacific Region.  The lake is shallow and is fed by the channelized Okanagan River, which flows into the northern end of the lake and out the southern end. The aquatic vegetation in the lake is greatly overrun with Eurasian water-milfoil, an invasive species that grows in slow moving water.

The lake shores and land surrounding the lake are either privately owned or are federally owned Crown land. The eastern shore, between the lake and Highway 97 is mostly privately owned, as are the lands on the southern shore where many cottages have been built. The remaining shoreline is federally managed.

No motorized boats or other propulsion devices (such as efoil electric surfboads) are allowed on Vaseux Lake under the Migratory Bird Sanctuary Regulations, Section 8.

Vaseux Lake forms part of the Vaseux lake Park, which protects an abundant wildlife population and excellent wildlife viewing area by Highway 97, between Oliver and Okanagan Falls. Viewing is best in spring and fall. Look for mountain goats, California big horn sheep and a wide variety of bird species. 

Trails provide access to the nearby Vaseux Lake Migratory Bird Sanctuary which is managed by the Canadian Wildlife Service.