This lake has been the subject of films and legends; it appears in all tourist guidebooks. A legend has it that on its bottom is the treasure of khans that was hidden there from Russian tsar Ivan the Terrible. Citizens love telling stories about this treasure being guarded by Su Anasy, a fairy-tale mermaid that will drive any person looking for the treasure to madness.

The origin of the name Kaban has several different explanations. Some researchers assume that it is related to the legend about Khan's son Kabanbek, others think that the name appeared because there were many wild boars ("kaban" in Russian) harbouring its shores back in the day, and some people believe that the lake used to resemble a boar's head.

Scientifically speaking, it is an entire system of lakes (Nizhny, Sredny and Verkhny Kaban) with the total length of 10 km. The most well-known part of it is located in the downtown area of the city near the Staro-Tatarskaya Sloboda and the Baumana Street.

A family of swans has recently made the lake their home, and they immediately became favourites of the citizens and visitors of Kazan. These swans are looked after by workers of the Kazan Zoo.

Alongside the lake are convenient pedestrian embankments of the Staro-Tatarskaya Sloboda and Galiasgar Kamal Drama Theatre. There is also a rental service for boats and catamarans, while in the lake itself there have been installed a large fountain that can be seen from afar.