This facility is co-owned with the nearby Hills Country Club and is managed by ClubCorp. Lakeway Golf Club features two 18-hole courses (Live Oak and Yaupon) designed by Leon Howard.

Of note is the par-3 third at Live Oak, referred to as "Jaws"; tee-shots must clear a deep ravine, while Yaupon's closing hole is a 503-yard par-5 playing down hill to a pond with a 50 feet drop in elevation. After successfully crossing the pond the player is challenged with an approach shot, which rises 40 feet to a tricky green.