Lake Thunderbird State Park offers a variety of water activities and recreation. The park features two marinas (Calypso Cove Marina and Little River Marina), nine boat ramps and two swim beaches. Accommodations include over 200 RV sites with 30 full hookup sites, restroom facilities and primitive campsites. Lake Thunderbird State Park also features playgrounds, picnic tables and an archery range. A total of ten picnic shelters for groups and eight family shelters (Little Axe campground only) are available for reservation through the park office.

Both the Lake Thunderbird State Park Calypso Cove Nature Center and equestrian trails are located in the Clear Bay area. The trails, which are open Wednesday through Sunday, cover four miles and feature 12 obstacles. Negative Coggins papers are required, and no on-site stables are available. An array of hiking, mountain biking and nature trails are also available in Lake Thunderbird State Park. Deer archery and waterfowl hunting are available in designated areas during the applicable seasons.