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A small portion of Calderwood is located in North Carolina. A reciprocal agreement between Tennessee and North Carolina allows anglers licensed by either state to fish the entire reservoir by boat. They may also fish in that portion of Slickrock Creek which constitutes the boundary between the two states. Those wishing to bank fish must possess a valid license from the state land they are fishing from. This is especially important to anglers bank fishing near the primitive campground and ramp on the uppper end of the reservoir because it is located in North Carolina.

The primary game fish are trout, largemouth and smallmouth bass, black crappie, and rock bass. Trout are stocked on an annual basis and thrive in the cold, clear water. Anglers should be aware that the use of limblines and trotlines is prohibited.

There are not any fish consumption advisories issued for the reservoir. There is only one small public boat ramp located just downstream of Cheoah Dam in North Carolina.

Fishermen will find a variety of fish including rock bass, bream, bluegill, catfish, warmouth, bullhead, panfish, rainbow trout, crappie, redear sunfish, largemouth bass, smallmouth bass and carp here.

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