Grindstone Lake is frequented by various wildlife such as black bears, mule deer, elk, blue heron, Osprey, and the occasional Bald or Golden Eagle. The most common of the visitors is the Osprey which can be seen diving into the lake in the spring or fall on their migration across the country. A viewing area has been dedicated to viewing these wondrous birds and their acrobatic feeding routine.

In an effort to preserve natural resources and manage visitor capacity, the Village of Ruidoso requires a daily parking fee at Grindstone Lake and weekend advance parking reservations from 8:00 am to 6:00 pm throughout the summer. The Grindstone Lake daily parking fee is $10 per vehicle. No advance reservations are required Monday through Thursday.