With its extensive limestone terraces created by cool water springs and the rich diversity of life forms associated with year-round flowing water, Coal River Springs is a unique feature of territorial and national significance.
In 1990, a 16 square kilometre area in the southeast Yukon encompassing Coal River Springs was officially dedicated as the Yukon's second Territorial Park and first Ecological Reserve.

Coal River Springs Territorial Park was created through the combined efforts of the Yukon Government, the Liard First Nation and the Nature Conservancy of Canada.