Eagle Nest Lake is a 2,400-acre reservoir at 8,200 feet in the center of the Moreno Valley. It is managed as a state park and is one of the premier fishing destinations in northern New Mexico. Rainbow trout and landlocked kokanee salmon are the primary species. Ice fishing is active in winter when the lake freezes.

The lake also attracts bald eagles, osprey, and waterfowl in numbers unusual for this elevation and climate. Elk herds are visible in the valley meadows surrounding the lake, particularly in early morning and at dusk. The park has boat ramps, picnic areas, and camping. It is windy most afternoons in summer, which makes afternoon kayaking and sailing more interesting than anticipated.

Eagle Nest itself is a small crossroads town at the junction of US-64 and NM-38, with a population of a few hundred. There are basic services: a gas station, a small grocery, a few restaurants, and fishing supply shops. It is not a resort in the sense Angel Fire or Red River are. It is a working small town that happens to sit next to a beautiful lake and at the junction of two scenic highways.

Elizabethtown, the ghost town of New Mexico's first incorporated municipality, is about 6 miles north of Eagle Nest on NM-38 toward Red River. Nothing remains but ruins and a historical marker, but it is worth a brief stop if you are driving the full Enchanted Circle loop.

• Enchanted Circle Guide
• Angel Fire
• Red River
• Scenic Drives

Eagle Nest is at the junction of US-64 and NM-38, roughly 45 miles from Taos. From Taos, drive east on US-64 over Palo Flechado Pass (9,101 feet) to the Moreno Valley. Drive time is about 55 minutes. On the Enchanted Circle loop, Eagle Nest is the natural stop between Angel Fire and Red River.