Built in the 16th century the lake was named to express the gratitude of Ibrahim Quli Qutub Shah to Hussain Shah Wali who helped him to recover from illness. It is a sprawling artificial lake that holds water perennially, built during the reign of Ibrahim Qutub Shah, across a tributary of the river Musi in 1562 AD. Linking the twin cities ofHyderabad and Secunderabad, the lake and its environs have several parks and scenic spots. The broad road on the bund is lined with lawns and 33 statues of famous personalities of the State stand along the bund of the lake. The well laid out Lumbini park located in the Buddha Purnima project has a musical fountain.
The lake is encompassed on one side by the beautiful Lumbini Park, an amusement park for the young and old alike. Then there is the enchanting Birla Mandir hewn on a hillock nearby. Standing on the Tank Bund at night, one is awe-struck to see the glimmering row of lights outlining the lake that look like “a diamond studded necklace”. This is the necklace road being readied to enhance the beauty of Hussain Sagar.
The majestic white arch that forms the entrance stands high and immaculate into the bluish white sky beckoning the motorists a free and easy passage on the wide long stretch of the Tank Bund. The two lions standing straight in support of the roof of the arch beside the pillars and the tapered dome with globular design akin to pinnacles on top are all styled after the traditional Hindu temple designs, much like the “simha dwaram” (the lion gateway). Its uniqueness lies in the fact that it connects the twin cities of Hyderabad and Secunderabad. Throughout the year the Tank Bund presents a picture of hustle-bustle of the regular traffic.
An 18 meter high monolithic statue of Lord Buddha towers over the lake from atop the Rock of Gibraltar. The road on the Tank-Bund which originally was very narrow was widened in 1946 when Sir Mirza Ismail was the Prime Minister of Hyderabad. Further widening and beautification of the Tank-Bund took place during 1987-88 with the addition of fountains with dancing waters, tantalising coloured lighting during nights, and the installation of nearly thirty three (33) well sculptured bronze statues mounted on high platforms, in the memory of historical and eminent personalities of Andhra Pradesh.  The idea of erecting a giant monolith Buddha statue in the midst of Hussainsagar lake on the Gibraltar rock was a part of the Buddha Poornima project in 1985. The monolithic statue was chiselled out of a white granite rock, weighting 450 tons. It was carved by 200 sculptors for two years. The statue was transported to Hyderabad in November 1988.After the initial problems, the statue was erected on 12 April 1992 on a red coloured Lotus pedestral. Attached to it, Lumbini park was inaugurated with musical fountains, Bonsai Plants and a boat ride from Lumbini Park to the Buddha Statue. The whole atmosphere reflects peace and persevence.
A project feasibility report has been prepared for the conservation & restoration of Hussain Sagar Lake under National Lake Conservation Plan. The Hussain Sagar Lake has been the centre of Hyderabad civilisation and is among the most beautiful national heritage. It has played a major role in the economy of the State of Andhra Pradesh through its attraction of tourists as well as its utilisation as a source of food and water.
During the past few years grave concern is being voiced by people from different walks of life over the deteriorating conditions of Hussain Sagar Lake. As a result of heavyanthropogenic pressures, the lake eco-systems are not only strengthening in its surface becoming poor in quality, posing health hazards to the people living in close proximity to the lake. Over the years the entire eco-system of Hussain Sagar Lake has changed. The water quality has deteriorated considerably during the last three decades. Over the years the lake has become shallow due to siltation and accumulation of plant debris. Many undesirable changes in the structure of biological communities have resulted and some important species have either declined or completely disappeared. Realising the importance of conservation of Hussain Sagar Lake, a project has been formulated. This project shall be implemented by APPCB, Hyderabad, India. In this respect, a project feasibility report has been prepared for the approval & financing from NLCP. The PFR focuses various physical, chemical, biological features of lakes including the technical & other sub-projects for the conservation of lake. Abstract of costs of all technical & other sub-projects have also been given in the PFR.
The Tank Bund dams Hussain Sagar Lake on the eastern side and connects the twin cities of Hyderabad and Secunderabad. There are 33 statues of famous people of Andhra Pradesh erected by former chief minister N.T. Rama Rao. The most popular promenade Tank Bund dams the Hussain Sagar large lake that connects the twin cities of Hyderabad and Secunderabad. In the middle of the lake is the "Rock of Gibraltar", on which stands the statue of Buddha.  This boulevard has beautiful gardens on both sides, with well laid foot paths and benches, and a good volume of traffic running in between. This road gets busy during the evenings as people come here to enjoy the view and cool air from the lake and to relax at gardens. Moving further from the Tank bund road towards the other side one can connect with the Necklace road, which is another popular boulevard which many consider as a twin to the Tank bund. The sailing club is present close to the Tank bund, where many sailors participate in events held at te lake throughout the year.
Parallel to the Tank bund, is the Lower Tank Bund road which was primarily built to reduce traffic congestion. This lower Tank Bund road is heralded by the well known Missamma temple, the sprawling green Indira Park, Hyderabad, Bharat Sevashram Sangha, Ramakrishna Mission and Snow world. An important flyover Telugu Talli flyover rises from the Lower tank bund road and flies across the end of the Tank bund road.