Holey basin has glacial origins. It was subsequently filled up by muddy and peaty deposits forming the wetland. This area is dominated by the presence of a rocky substratum mainly consitsting in compact mica-schists belonging to the geologic unit of Sesia-Lanzo area.
The small lake is characterized by a natural process of eutrophication: the silting up process is going on and the damp vegetation is expanding.
The site is rich in both animal and vegetable species which are relatively rare in Valle d'Aosta. This is also due to the fact that the area lies on the border between the inner alpine territory in Valle d'Aosta and the hilly area in the Canavese. It is the only place where it is possible to see the warty newt (Triturus cristatus) and the smooth newt (Triturus vulgaris). Among the flowers: Gladiolus palustris, Dactylorhiza incarnata and Tulipa sylvestris subsp. australis.
The vegetations is characteristic of the wetlands, and mainly consists of Common reeds (Phragmites australis), Common cattails (Typha latifolia) and some species of Rushes (Juncus tenageja, Juncus conglomeratus). Holay Nature Reserve is the only place currently known in Valle d'Aosta which houses two particularly precious plants: the Water-purslane (Lythrum portula) and the Tufted Forget-me-not (Myosotis laxa).
As far as wildlife is concerned, there are numerous species of Amphibians and Reptiles. Among the Reptiles there are the Green Lizard (Lacerta viridis), the Common wall Lizard (Podarcis muralis) and the Grass Snake (Natrix natrix); among the Amphibians there are the Edible frog (Rana esculenta) and the Fire salamander (Salamandra salamandra).