Lake Ivägsjön is a typical Dalsland lake with clear water and surrounded by the usual mountain and rock shores. The lake has one larger island and ten or so smaller islets and skerries.
Some agricultural land is seen from the northern section of the lake. It is also here that the largest input flows coming from Grann Lake. The lake empties in the NE section into the Stenebyälven River that continues to Lake Laxsjön. The water level can vary by as much as half a metre depending on the season and the weather.