
The park was created as a result of the State Land Act of 1927, establishing a park of 940 acres. In the 1930s, the National Park Service acquired approximately 8,000 acres surrounding the park. From 1934 to 1937, the Civilian Conservation Corps (CCC) developed several roads in the park and constructed pavilions, cabins, and Lake Tranquility Dam. In 1943, the National Park Service deeded the land and facilities to Oak Mountain State Park.
Set amidst a rugged, wooded landscape, Oak Mountain offers visitors numerous facilities, including tennis courts, horseback trails with guided rides provided by a concessioner, a BMX bicycle motocross track, a petting farm, picnic areas, and two 85-acre lakes with many water-related activities. One of the park's major attractions is an 18-hole public championship course created by noted course designer Earl Stone. The course has been named as one of the top 75 public courses in the United States by Golf Digest and hosts qualifying rounds for the Alabama Open.

The park features more than 50 miles of hiking trails, ranging from easy short routes to strenuous multi-mile treks that can may take two or more days. A 17-mile biking trail is available as well as a 10.7-mile horse trail. The bike trail is a loop that combines a dedicated single track and fire, forest, and paved roads. The trail is heavily used and was formerly the training grounds of the U.S. Olympic Mountain Biking Team.
The modern campground has 85 RV sites with water, electricity, and sewer hook-ups and 60 tent sites bordering Beaver Lake. The campground is surrounded by hills and towering pine trees. Ten fully equipped cabins surrounding a secluded 28-acre lake are available for rent. The park offers backcountry camping for hikers and backpackers in designated sites.
Oak Mountain's two lakes offer visitors swimming, boating, and fishing opportunities. Double Oak Lake offers a marina with pedal boat and canoe rentals as well as a swimming beach with picnic tables, restrooms, and changing areas nearby. Both lakes are stocked with largemouth bass, bream, catfish, and crappie. Flat-bottomed john-boats are available for rent, and private boats may be launched at either lake. Tranquility Lake has a fishing pier that juts into the lake and provides access for those who do not wish to use a boat.