Lakes and ponds are facing neglectance throughout the globe but their importance can not be ignored. The present work has been contributed to highlight the importance of lakes. As a pilot study, Ramgarh Lake in Gorakhpur city, India was selected for detailed investigation. Ramgarh Lake is a highly polluted and eutrophicated lake, as complete sewage of city, including industrial effluent directly reaches Ramgarh Lake without any treatment. In addition to the city sewage, solid waste of city is also being dumped in the lake continuously. Washing of clothes is another important harmful activity for the lake. Field study and previous records have been collected. The lake is being used for the purpose of fishing farming, recreation, in addition to various other ecological importances. Monetary value of all the uses of the lake has been calculated and it has been found that the total annual monetary value of Ramgarh Lake is found to be three corore, sixty five lakh, twelve thousand, five hundred and eighty nine rupees; though the ecological benefits have been ignored.