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Each Fourth of July, the City of Litchfield has a huge fireworks display at the lake. Fireworks are fired over the water at the main marina. The show begins at 9:30 p.m. and last about 30 - 40 minutes.

From June to September, bass tournaments are held each Thursday evening at 5:15 and are open to the public. Bass clubs from throughout central Illinois hold club tournaments at Lake Lou Yaeger. All tournaments are catch and release tournaments with a fifteen inch minimum size, limit of three fish per person.

Lake Lou Yaeger also has a nature conservation area with a walking trail that is open to the public. Many endangered species of plant life can be found along the trail. The nature conservation area is maintained entirely by volunteers from the area and is the property of the City of Litchfield.