Management of the fishery resources at Lake Texoma is the 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; and channel, blue, and flathead catfish; The striped bass fishery at Lake Texoma is extremely popular and is considered one of the most successful striped fisheries in the nation. In addition, downstream of the dam is a tailwater fishery that supports striped bass, as well as channel, blue, and flathead catfish. Gizzard shad, threadfin shad, and Mississippi silverside are considered important forage species in the lake. Freshwater drum, carp, gar, buffalo, and river carpsucker make up the bulk of rough fishes in the lake.
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. The "stripers" feed on large schools of shad, and often reach sizes of 12 to 20 pounds (5 to 9 kg), with a lake record of 35.12 lb (15.93 kg) caught April 25, 1984. The town of Kingston, Oklahoma, celebrates the importance of striper fishing to the local area with the annual Kingston Striper Festival each September.
In 2004, a blue catfish was pulled from the lake weighing in at 121.5 pounds (55.1 kg), 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 from 5 up to about 70 pounds (2 to 30 kg).
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 (370 m) of Denison Dam. To fish the entire lake, a Lake Texoma fishing license is also available.