Tazawako Station consists of a single side platform and an island platform. The station building, by architect Shigeru Ban, with its glass facade, received the Good Design Prize. Tazawako Station was selected to be one of the Hundred Stations of Tohoku.
Tazawako Station opened on August 31, 1923, as Obonai Station (生保内駅) on the Japanese Government Railways, which became Japanese National Railways (JNR) after World War II. The station was renamed to its present name on October 1, 1966. The station was absorbed into the JR East network upon the privatization of JNR on April 1, 1987. Services on the Akita Shinkansen began on March 22, 1997.