The lake and the park are named after Graham Claytor (1886-1971), who was vice president of Appalachian Power and supervised construction of the dam.

Located on the 4,500 acre, 21-mile long Claytor Lake (from which the park was named) in the New River Valley of southwestern Virginia, Claytor Lake State Park offers a wide variety of activities for water and land enthusiasts. Easily accessible from Interstate 81, the park features the only full service marina in the state park system. In addition, there are miles of hiking trails, swimming, camping facilities, cabins and a visitor center. The visitor center is located in the historic Howe House.

About three miles of hiking trails are open year-round. Plant life is predominantly representative of a mature oak-hickory forest. Extensive reforestation is ongoing. White-tailed deer, raccoons, squirrels and other species are common. Picnic areas include grills, drinking water and restroom facilities. Several restrooms and shelters are handicap accessible. Seven picnic shelters are available for rent through the reservation center by calling 1-800-933-7275. Shelter capacity varies from 30 to 100 people.

Seven shelters are available for rent. Large and small shelters are available. Shelters can be rented from 6 a.m. to 10 p.m. (all day), or 6a.m. to 2 p.m. or 3 p.m. to 10 p.m. (half day). Please note the hour in between for half day rental times. Parking and swimming fees are not included in the shelter rental fee. The park also offers for rent a special gazebo, which is quite popular for weddings.

Each year in November, the lake is drawn down approximately five feet for maintenance. During this period, usually two weeks, it may be impossible to launch boats from the Claytor Lake boat launch, and fishing from the shore is difficult. There is a public boat launch just outside the park from which guests may be able to launch unless they have particularly large boats. The lake level will return to normal over time depending on rain.

From Memorial Day through Labor Day, lake swimming is available from 10 a.m. to 7 p.m. Friday through Sunday and from 10 a.m. to 6 p.m. Monday through Thursday. (Hours are somewhat shorter when local schools are in session in early June and late August.) The swimming season begins the weekend prior to Memorial Day weekend and runs daily from Memorial Day through Labor Day. The area features a swimming beach with diving tower, snack bar, and souvenir and gift shop. Swimming is free for campers and cabin guests.

Sport Fishing has also become a major attraction at Claytor Lake. The most plentiful fish in the lake are referred to by the locals as "bluegills" and are a form of perch. Most commonly they are in the 6" to 8" (15 - 20 cm) range and weigh less than a pound. Catfish are also popular in Claytor Lake, some of them getting quite large (well over 50 lbs. (22 kg)). The main sporting varieties are largemouth bass, smallmouth bass and striped bass. Large and small mouth bass fishing tournaments are a regular seasonal event at Claytor Lake with weights of 15 to 20 lbs. (6.7 - 8.9 kg) per fisherman being an average winning catch. All tournament fishing is catch and release and most is done by local clubs. Striped bass fishing occurs year round with various techniques. The average "striper" (as they are locally known) is about 8 lbs. (3.6 kg) but catches close to 30 lbs (13.4 kg), have been reported.  A valid Virginia fishing license is required and is available at the marina when it is open or the park officue during the off-season.