Lake Ulugöl is a small lake in Ulugöl Natural Park in Gölköy-Ordu. The lake has 1200 m altitude, an area about 39 decare and average 15 m depth. It has occured in the pit area resulting from landslides. Lake Ulugöl is differentiated from other landslide dammed lakes according to its formation in the Black Sea Region. Hydrophytes such as Carex, Equisetum, Juncus, Myriophyllum, Potamogeton, Typha are quite abundant in littoral zone surrounded by Fagus forests. For stocking studies, 20000 unit young Cyprinus carpio was introduced in to the lake in 1994. Salmo trutta abanticus that is an endemic species in Lake Abant and its environment was introduced in to the lake, with a project started in 2008. In this study, some physico-chemical parameters in the surface waters of the lake have been seasonally investigated between September 2006 and August 2007. Also, the lake water has been evaluated with respect to its water quality and aquaculture potential. The analysis showed that the lake water has first class quality with regard to Turkish Water Pollution Control Regulation (WPCR) and Drinking and Using Standards (EC, WHO, EPA, TS 266). Eutrophication limit value has not been exceeded during the study. The lake water is suitable for cold water fish species. The lake and its surrounding have excellent features concerning recreational and ecotourism potential.