Bhimtal came under British rule after the Anglo-Nepalese War (1814-16), when Naintal became the summer capital of the province .
Bhimtal is older than nearby Nainital as the city of Nainital is just 150-160 years old. But Bhimtal has been a stoppage for the travellers of the region from hills to plains or vise versa for a long time. The old pedesterial road is still in use here and this road connects nearby Kathgodam to all Kumaun region and even to Nepal and Tibet. It might have been the part of the famous ancient silk route.
Near the Bhimeshwar temple is a small hill known as Garg Parvat, which is the source of river Gargi, also known as Gola Nadi in the region.
About 2 km from Bhimtal is Nal Damyanti Tal, a small natural lake. It is believed that the palace of famous king Nala drowned into this lake. It is a very sacred place for the dwellers of the region.
About 5 km from Bhimtal is a hill known as Hidimba Parvat. It gets its name from demon Hidimba of Mahabharata. Vankhandi Maharaj, a monk and environmentalist lives on the hill now, and has created a sanctuary for the wild animals around the hill. The area is known as Vankhandi Ashram.
The hill of Karkotaka is supposed to be named after Karkotaka, a mythical cobra. The hill is famous for its Nag temple in the region and on every Rishi Panchami thousands of people visit the temple and worship the Nag Karkotaka Maharaj. This is one of the famous nag temples situated in Uttarakhand region.
Bhimtal has quite a few English medium schools. Sainik School in Ghorakhal near Bhimtal is a school where students prepare themselves to join the Indian Military. The Head of the school is a working officer from the Indian Air Force. Herman Gminer School, Mount Alvern Convent School, Lakes International School and Central School are some other well known schools in the area.