It is the smallest of the three lakes in the Seeland area of the Swiss Plateau located at the foot of the first chain of the Jura mountains.
Since the Jura water correction, its water leaves the lake through the Broye Canal (Canal de la Broye) into nearby Lake Neuchâtel, which is connected to Lake Biel (Lac de Bienne / Bielersee) through the Canal de la Thielle.
The three lakes form a natural reservoir that retains overflow water from the river Aar that flows into Lake Biel: in times of combined heavy rainfalls and glacier melting in the Alps, the water flows backwards through the Thielle and Broye canals, preventing an overflow of the Grand Marais.
Between Morat Lake and Neuchâtel Lake rises the Mount Vully, a beautiful area covered with vineyards producing very good wines, quite underestimated. You should taste them!
(partly adapted from Wikipedia)