Aquatic life is very diverse in Lake Waccamaw. There are many fish species the Waccamaw Darter, the Waccamaw Killfish, and the Waccamaw Silverside. Alligators are part of the ecosystem of Lake Waccamaw. There was an uplift on a ban on alligator hunting in March 2018. The ban was removed after being enforced for over 40 years. The reason for the ban was that the alligators were getting over hunted, but now the population is back to normal. Bullfrogs, leopard frogs, and cricket frogs roam the damp environments around Lake Waccamaw. The Waccamaw fatmucket and Waccamaw Spike, which are mollusks, is a prominent in the filtration of the water in the lake. The Venus-hair fern, green-fly orchid, seven-angled pipewort, Narrowleaf yellow pond lily, and water arrowhead are native plants of town Lake Waccamaw. These are considered rare. In 2012, residents reported, and researchers at N.C. State University confirmed, that the invasive aquatic weed hydrilla had infested of Lake Waccamaw. There are two known endemic snail species, the Waccamaw amnicola and the Waccamaw Siltsnail.