Moncove Lake, like other lakes in West Virginia, is a man-made impoundment. It was created by the damming in 1959 of Devil Creek in eastern Monroe County. The name was coined from "Mon," the first three letters of the county name, and "cove," referring to a small valley.

The lake was built as a part of the Moncove Public Hunting and Fishing area, purchased in 1958 by the West Virginia Conservation Commission, now the Division of Natural Resources. Originally, the area consisted of 270 acres, including the 144-acre lake. In 1997, an additional 626 acres was added to provide more hunting lands.

Moncove Lake State Park was created in 1991 by the West Virginia legislature. The diversity of habitat, including old fields, forest, and wetlands, attracts many kinds of game and song birds, and animals such as rabbits, squirrels, and deer. Moncove Lake State Park has 48 campsites, a swimming pool, and two bathhouses. Fishing, boating, picnicking, and nearby hunting draw a variety of users.

Moncove Lake is located six miles northeast of Gap Mills.