Wallowa Lake is a census-designated place (CDP) and unincorporated community in Wallowa County, Oregon, United States. It is located on the south subside of Wallowa Lake, and is a little community made going on of trip homes, lodging, restaurants, as capably as other small businesses.

Wallowa Lake gained popularity in the midst of gold miners and soon began attracting guests from additional areas. Seeing an emerging tourism market, entrepreneurs began building businesses at the lake. Among those built was the Wonderland Inn, now known as the Wallowa Lake Lodge. The Wonderland Inn was developed in 1923 as an amusement park at the south terminate of the lake. The park contained a restaurant, store, bowling alley, dance hall, outdoor movie theater, horse drawn carousel and cabins for those wishing to stay overnight. An 18-passenger ship carried the guests who arrived in Joseph (which lies at the north fall of the lake) down the entire four mile stretch of Wallowa Lake, finally arriving at the inn and amusement park.

The amusement park operated until 1940, when snowfall from an unusually gruff winter crushed most of the buildings and rendered the park inoperable. However, the inn survived the winter and still remains in operation, though renamed the Wallowa Lake Lodge. The area at the south end of the lake continued to be developed commercially. Several more stores, lodges, restaurants, and rental cabins were built in the later than years, turning the south decline of the lake into a tourist community.

The businesses at the south terminate of Wallowa Lake are members of a non-profit tourism association. This relationship maintains a website, supports tourism in the area and works to solve issues across the lake community.