The lake receives heavy use. Silver Lake was part of the Upper Boulder Yellowstone Cutthroat Trout restoration effort and from 2007 to 2009 gill nets were used to remove rainbow trout. Yellowstone Cutthroat Trout were stocked until 2012, when they became self-sustaining. Many fish were observed rising during the 2015 survey despite the relatively low number of fish sampled (14 captured). The outlet has good spawning habitat and the spawning habitat at the inlet is fair.