Rankala Lake was built by the Chhatrapati rulers of Kolhapur. It is believed that the lake is directly connected to a well located in the Panhala Fort. Other attractions present near the lake are the chariot of Lord Shiva and a temple with a structure of Nandi (bull).The Padpath Udyan that is built close to the Rankala Lake offers various recreational facilities like lake side walk. Apart from this, the lake is also well-known among the visitors for different activities like boating and horse riding.