Flows in the Red and Washita Rivers contribute to Texoma being one of the rare freshwater lakes in the United States with a self-sustaining, landlocked population of striped bass. While a dozen other Texas lakes also support striped bass fisheries, regular stocking is necessary to sustain those populations. Striped bass were initially introduced to Lake Texoma by the Oklahoma Department of Wildlife Conservation in 1965, with natural reproduction first observed in 1974. Professional Striped Bass guides operate year-round on Lake Texoma, catering to families or large groups.

Lake Texoma is home to various black bass species, including Largemouth Bass, Smallmouth Bass, and Spotted Bass. Record Smallmouth Bass catches have been made on both the Oklahoma and Texas sides of the lake. Several annual tournaments focus on black bass, with guides available for assistance.

Catfish are plentiful in Lake Texoma, including Channel Catfish, Blue Catfish, and Flathead Catfish. The lake boasts a trophy fishery for Blue Catfish, with the current Texas state record Blue Catfish caught here in 2004, weighing 121.5 pounds! Catfish guides are on hand, and numerous bank fishing opportunities are available at locations like Eisenhower State Park and Hagerman National Wildlife Refuge.