Canaan Street Lake covers an area of 303 acres and has a maximum depth of 47 feet. The lake is surrounded by historic buildings, such as the Canaan Meetinghouse and the Canaan Historical Museum. The lake was formed by a glacial moraine that dammed the Indian River. The lake was originally called Long Pond but was renamed Canaan Street Lake in 1846.

Canaan Street Lake has access from the boat ramp and beach on Canaan Street.