Situated along the southern fringe of the Canadian Shield, Wakami is dotted with areas of southern tree species within the encompassing boreal forest. The highlands in the region act as a watershed between Hudson Bay to the north and the Great Lakes to the south.

The area was inhabited by the Ojibwa and Cree for several centuries. The park gets its name from a word meaning "still and clear waters," referring to elongated Lake Wakami, which lies in its centre.

Because the park is at the southern edge of the boreal forest, it has some trees more common in the Great Lake-St. Lawrence forest region as well as more typically northern varieties. Yellow birch, sugar maple and white pine stands are "biological islands" of southern species in an area of unsuitable northern habitat. More common are jack pines and other northern firs, whose habitat stretches northward.

Wakami Lake Provincial Park is also rich in animal life. Timber wolf, red fox, marten, short-tailed weasel, fisher, beaver, muskrat, otter, moose and black bear may all be spotted in the outlying regions of the park. Closer to the campgrounds, common species are red squirrel, varying hare, chipmunk, deer mouse, brown bat and striped skunk. Reptile life includes common garter snake, several varieties of frog, spring peeper and blue-spotted salamander. Among the bird in the park are bald eagle, osprey, pileated woodpecker and various species of owl and hawk.