Lakes are critical freshwater ecosystems that sustain biodiversity, regulate hydrological cycles, and support urban life. Bangalore, located on the southern Indian Deccan plateau, historically relied on a network of man-made lakes for water supply and aquifer recharge. However, rapid urbanization and industrialization have led to severe lake degradation through domestic and industrial waste discharge. This review compiles data from 2000–2022 on the water quality of major lakes—Madiwala, Varthur, Bellandur, and Hebbal—and evaluates their role in groundwater recharge. Physico-chemical and microbial analyses reveal high BOD (up to 56 mg/L), heavy metal contamination, and unsafe coliform levels, indicating critical ecological imbalance. The study highlights the potential of phytoremediation and biomanipulation as sustainable restoration approaches. Strengthening urban lake management policies and integrating biodiversity-based monitoring are essential for restoring Bangalore’s freshwater systems and ensuring long-term water security.