The Lake Bolac town centre features a collection of shops and a few historical buildings centred around the junction of the Glenelg Highway and Montgomery Street. There is the Lake Bolac Hotel, which was built out of bluestone in 1862, and the town's memorial hall which dates back to 1922.
At the north-eastern corner of the Glenelg Highway and Montgomery Street is the Lake Bolac Information & Business Centre. It is located within an attractive park setting which features picnic areas, shelters, BBQs, a playground and a 120 metre heritage walk.
The primary attraction in Lake Bolac, known locally as the "home of aquatic sports", is the 1460 hectare freshwater lake which shares its name with the town. Historically noted for its abundance of eels during the autumn rains, the lake is ideal for boating, while fishing and camping are popular along its 20 kilometre shoreline. There are picnic areas, BBQs, shelters and designated swimming beaches.