The reservoir is managed for warm, cool, and cold-water fish species. Largemouth bass, smallmouth bass, along with bluegill, crappie, and white perch are the most popular warm-water fish. White crappie and the bass often reach trophy size. White perch still average about 10 inches despite being very plentiful in the reservoir.

Striped bass were stocked between 1981 and 1984. They have been reproducing naturally since 1986 so expect to catch a variety of sizes, with some of the stocked fish now in the 40-pound range. This reservoir also supports a fine walleye fishery, sustained by good natural reproduction. A 12-pound walleye was surveyed recently.

Fishing at Liberty Reservoir is allowed year-round from the banks of the waterway.  Fishing requires a Maryland fishing license.  Fishing licenses can be obtained by visiting the Maryland Department of Natural Resources website.