The lake contains some 40 species of fish with 13 of these typically caught. Most of the walleye and yellow perch fishing is done from boat or through the ice. Bullhead fishing is a land lovers sport - during the spring run buckets full of bullheads are taken from shore, especially along the north grade (an area along the road on the north shore of the lake). This diverse fishery also has some good fishing for largemouth bass, smallmouth bass, northern pike, muskie, crappie, and bluegill.

Spirit Lake holds all-time big fish records for freshwater drum and muskellunge.