The Fateh Sagar lake is one of the most visited lakes amongst the tourists in Udaipur, therefore various festivals are also held beside the lake. For example, Hariyali Amavasya Mela, also known as Green New Moon Fair in English, is held beside the Fateh Sagar Lake every year. This festival is organised between the month of August and September, which is considered as auspicious according to the Hindu calendar.
Fateh Sagar Lake is also known for Udaipur's first Aquarium where more than 200 species of the sea world from across the countries were brought for tourism. This Aquarium was built in 2017 and was named as 'Under the Sun'. Many local villagers tend to use this water for several purposes, therefore, the state government of Rajasthan is trying to improve the quality of the water being stored in the lake and are trying to come up with ways to store the lake water as drought is a regular problem in Udaipur during summers.