Many stories and legends are told about the lake, and even scientists cannot fully determine the lake's origin. Many artists were inspired by the waters of this lake, in which, according to one of the legends, the city of Kitezh is immersed.

The lake is considered mystical and extraordinary. Scuba divers have repeatedly explored the water area of ​​Svetloyar and found various anomalies in it. Thus, stepped terraces are visible under the water column. Scientists believe that most likely, the formation of the deepening occurred gradually. The oldest finds date back to the 18th century.

There are many legends and beliefs around the lake. Locals even claim that the full moon can be seen over the water's surface, golden domes of snow-white temples.

Lake Svetloyar is located in a protected area; therefore, it is spotless around. There are even equipped approaches and a beach.