The Okama Crater Lake is located in the highly active Zao Volcano on the boundary of Miyagi and Yamagata Prefectures, Japan. At present, the lake stays relatively calm with neither bubbling, steaming nor gas smell at a pH of 3.2–3.4, though the lake did change color with steaming from the water surface in 1939 as the result of one of Zao’s volcanic activities. In order to clarify the geothermal effect on Okama and the groundwater flow system below or around Okama, field observations were performed in 2019 and 2020. Groundwater inflow and outflow in Okama were separately evaluated by estimating the hydrological and chemical budgets of the lake, based on the hydrometeorology, water temperature and river inflow measured in the field. The average groundwater inflow and outflow were estimated at 0.012 m3/s and 0.039 m3/s during the non-rainfall periods of 2020, respectively. A surplus of groundwater outflow makes the lake level consistently decrease during non-rainfall periods or the completely ice-covered season. In the completely ice-covered periods, the water temperature consistently increased at 0–15 m above the lake bottom, which is probably due to thermal leakage from a hydrothermal reservoir below the lake bottom. The heat fluxes averaged over December 2019–April 2020 and December 2020–March 2021 were calculated at 2.5 and 2.9 W/m2, respectively. A coupling between the estimated groundwater inflow and the calculated geothermal heat flux was used to evaluate the temperature of inflowing groundwater.