One of the original six school districts established in 1864. In 1877, the District constructed a two-story schoolhouse with the assistance of the Independent Order of Good Templars. The second story was used as a hall for that organization. In 1934 the second story was removed as part of a WPA project. Francis Wilbur, a local carpenter was hired to do the work at a cost of $1,740.

In 1953, a ballot referendum was held to consolidate the Janesville, Lake, and Missouri Bend schools. The Lake District voters opposed it. In 1971, the school closed and annexed to Janesville. In 1975, the Janesville District declared the Lake School as surplus property and it was deeded to George and Jane Bailey. The schoolhouse has since been converted into a private residence.