Álftavatn is located in a remote area on the Laugavegur hiking trail; therefore, it is accessible only to those undertaking a multi-day hike. These hikes usually start from Landmannalaugar, one of the most popular mountainous regions in the country, and end in Þórsmörk, a beautiful wooded valley.

This route is internationally recognized as one of the best multi-day trails in the world.

The lake is home to dozens of species of ducks, swans, and other water birds, making it a favorite spot for birdwatchers. Its surroundings, with colorful rhyolite mountains and incredible views of the highlands, only enhance this appeal.

Due to its richness of life in an otherwise sparse and arid landscape, Álftavatn is often referred to as an oasis.