Before the white man came, a tribe of aborigines known as the Boolucburrers regularly gathered around the lake which they called Boloke. This later changed to Bolac.
The freshwater lake was created when recent lava flows from the local volcanic cones altered the flow and dammed the former bed of the Fiery Creek, creating a depression which filled to form the lake. These lava flows also formed the bluestone banks to the north of the town.
These eruptions were approximately 20,000 years ago, within the tribal memory of the indigenous inhabitants of the country.
The freshwater lake is 27 kilometres around the foreshore and covers 1460 hectacres. When full, Lake Bolac is about 6-7 feet deep and is a popular boating area.
Lake Bolac is located on Glenelg Highway/Ararat-Mortlake Road, 50 kilometres south of Ararat and is within easy driving distance to The Grampians and The Great Ocean Road.