Management of the fishery resources at Lake Texoma is the joint responsibility of the Oklahoma Department of Wildlife Conservation (ODWC) and the Texas Parks and Wildlife Department (TPWD). Lake Texoma provides habitat for at least 70 species of fish, several of which were introduced by the ODWC and TPWD. These agencies maintain a supplemental stocking program to improve the fishery resource. Those species popular for recreational fishing include largemouth, spotted, white, and striped bass, white crappie, channel catfish, blue catfish and flathead catfish
The striped bass fishery in particular is very popular and is considered one most successful in the nation. In addition, downstream of the dam is a tailwater fishery that supports the species and the three local catfish. American gizzard shad, threadfin shad, inland silverside) are important forage species. Freshwater drum, common carp, gars, buffaloes, and river carpsucker also inhabit Lake Texoma.
The lake was stocked with striped bass in the late 1960s, and has proven to be an excellent habitat for them. It is one of the seven U.S. inland lakes where the striped bass reproduce naturally, instead of being farmed and released into the waters. These “stripers” feed on large schools of shad, and often reach sizes of 12 to 20 pounds, with a lake record of 35.12 pounds caught April 25, 1984. The town of Kingston celebrates the importance of fishing to the local area with the annual Kingston Sandbass Festival each June.
In 2004, a blue catfish was pulled from the lake that weighed 121.5 pounds, temporarily setting a world weight record for rod-and-reel-caught catfish. The fish was moved to a freshwater aquarium in Athens, Texas. More commonly, catfish in Lake Texoma weigh between 5 and 70 pounds.
Historically, Texas and Oklahoma have not had a reciprocal fishing license agreement, which has posed a problem for anglers. Recent boundary resolutions have given Oklahoma jurisdiction over most of the fishing in Lake Texoma. An Oklahoma fishing license allows fishing most of the lake, up to within 400 yards of Denison Dam. To fish the entire lake, a Lake Texoma fishing license was established and made available in 1979.