Lake Myvatn has an area of 36,5 km². It is situated 277 m above sea level and is very indented with coves and dotted with about 40 islands and islets. The greatest natural depth is 4,5 m. Greater depths can be found where diatomites have been pumped from the bottom. The catch in this lake is greater than in any other lake of the country and the fishes can reach the weight of 20 pounds.

Every farmer on the lake nets thousands of lake char  every summer and during winter many anglers sit on the ice and try their luck. Nowhere else in the country is it possible to watch as many species of birds, especially ducks, than in this area. The lake Myvatn area lies in the rain shadow of the great ice cap Vatnajökull to the south, which makes it dry and warm during summer and dry and cold during winter. Very few anglers try their luck on this lake but concentrate on its catchment area and its discharge, River Laxa.

The distance from the capital is about 488 km by the Whale Bay tunnel.