Horsehead Lake measures approximately 367 acres and is situated about ten miles southeast of Minocqua and three miles south of Lake Tomahawk. The average lake depth is 9-11 feet, similar to many of the lakes in northern Wisconsin. There is an outlet into Horsehead Creek on the south end, but no inlets, only springs that feed the lake throughout. The lake has a sand bottom evident mostly at the shoreline. An uninhabited island of approximately 1/6 acre distinguishes the northern end of the lake.
Horsehead Lake provides clean water and many opportunities for boating, fishing, bird watching, skating, fishing, and swimming.

Access to the lake is by a public landing on the south end, off Kildeer Road which intersects with Highway 47, south of Lake Tomahawk. Another, much less developed access exists off Trout Road, reserved for lake district property owners and not open to the general public.

The depth of the lake is regulated via a dam, built in 1976, near the boat landing on the south end of the lake. Lake district members recently voted to leave the lake at its' present level indefinitely and not lower it during Winter.

Many wildlife species live on the lake. Common to see on the lake are the Bald Eagle, Cormorant, Loon, Duck, and Muskrat. Occasionally seen on or near the lake are Goose, Deer, and even Black Bear. Horsehead Lake contains the following species of fish: pan fish such as Bluegill, Pumpkin Seed, Sunfish, Crappie; Perch, Northern Pike, & Bullhead.

For many years, Horsehead Lake has had an aeration system to keep a portion of the lake open during the winter to help prevent winter fish kill. A new, more efficient, aeration system was installed along the southwest shore in 2002. Many factors affect fish survival, but the purpose of the aerator is to help keep the level of oxygen in the lake sufficient for fish to survive cold winters.