Lily Lake is listed on the Luzerne County Natural Areas Inventory. Eleven species of fish were observed by the Pennsylvania Fish and Boat Commission in Lily Lake in 2013. A total of 365
alewives were caught, as were 333
bluegills with lengths of . 93
black crappies from in length were observed, as were 53
brown bullheads from in length and 36
golder shiners from . The survey observed 22
chain pickerels from in length, 18
pumpkinseeds from in length, 12
yellow perches from in length, and 10 hatchery
rainbow trout. It observed seven
largemouth bass from in length and two
northern pike from in length. Since alewives were introduced into Lily Lake, bluegill populations have declined by 77 percent and black crappie populations have declined by 79 percent. However, the remaining black crappies are larger than they were prior to the introduction of alewives.
Odonate species inhabiting the area in the vicinity of Lily Lake include
Aeshna clepsydra,
Celithemis eponina,
Libellula incesta,
Ischnura kellicotti, and
Sympetrum semicinctum. Plant species in the vicinity of the lake include
Bidens discoidea,
Myriophyllum heterophyllum,
Schoenoplectus torreyi, and
Utricularia intermedia. Species such as
Elatine minima and
Potamogeton robbinsii have also been observed near the lake in the past. ==Recreation==