Beebe Lake became a major local destination for winter recreation starting in the 1890s. The space was maintained by the Cornell Athletic Association but open to the public for ice skating. Ithaca Street Railway trolleys would announce that the ice was open for skating by displaying a white banner with red ball. Trolley passengers with skates rode for half price. In the Spring when the ice melted, sometimes local children would break of chunks of ice with poles, and ride the ice rafts downstream.

A toboggan slide was a popular attraction on Beebe Lake for the first half of the 20th Century. The first one was erected around 1900 and made of wood; it was replaced by a steel slide in the 1920s. Although dangerous and costly to operate, it remained enormously popular, until Cornell removed the slide in 1949.

In the early 20th Century, Cornell fraternities held ice castle building competitions, creating intricate structures with decorated pillars.

The lake was also Cornell's primary venue for ice hockey matches during the first decades of the sport. However, the ice would sometimes melt just before a scheduled contest, making it an unreliable venue. In 1957 Lynah Rink was constructed, freeing the hockey team from the unpredictability of the climate.

In recent decades, the lake remains a popular spot for paddling by organizations such as the Cornell Outing Club.

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