|Location||Franklin / Patrick / Henry counties, Virginia, US|
|Basin countries||United States|
|Surface area||2,880 acres (1,170 ha)|
|Surface elevation||974 ft (297 m)|
The lake is at an elevation of 974 feet (297 m) msl covers an area of 2,880 acres (11.65 km²) and has a shoreline length of 110 miles (177 km) at elevation 985 feet (300 m), msl. Philpott Lake extends into Franklin, Henry, and Patrick counties, Virginia.
The lake and Philpott Dam were created to control flooding along the Smith River, to generate hydroelectric power, and to provide recreational activities at Fairy Stone State Park. Construction on Philpott Dam began in 1948 and was completed in 1952.