Approximately 90% of the mainland shoreline and all but one island have remained in a relatively undeveloped state. Resorts, campgrounds, cottages and boat access sites are the primary developments. The three major landholders on the flowage are the Wisconsin Department of Natural Resources, US Forest Service, and Lac Courte Oreilles Band of Lake Superior Chippewa Indians. The Wisconsin Department of Natural Resources maintains four public boat launch facilities on the flowage.

For decades the Chippewa Flowage has been highly regarded throughout the Midwest for it spectacular scenery and high quality recreation, especially fishing. The flowage has enjoyed a national reputation as a top musky lake, and provides some of the states finest walleye fishing.