Shaver Lake offers a variety of activities that cater to outdoor enthusiasts and those looking for a peaceful retreat. Fishing is a popular pastime in the lake, where anglers can find species like rainbow trout and kokanee salmon. Hiking trails around the area provide scenic views and opportunities to explore the natural beauty of the Sierra National Forest.

For those interested in water activities, boating and kayaking are accessible options, allowing visitors to enjoy the lake's serene environment. During the winter months, snow sports such as skiing and snowboarding can be enjoyed at nearby resorts, making it a year-round destination.

Additionally, the local dining options offer a chance to experience the regional cuisine, while camping sites around the lake provide a chance to immerse oneself in nature. For a more relaxed experience, picnicking by the lakeside can be a pleasant way to spend an afternoon. Overall, Shaver Lake presents a blend of recreational and relaxation opportunities suitable for various interests.