The Oldman River is a classic Trout stream. The river has been split in two by a dam but has an abundant supply of Rainbow's and Browns downstream of the dam, and Rockies and Cutthroat upstream, as well as a few stretches with Bull Trout. The stretch from Fort Macleod to Monarch there has been an effort to recalim the Oldman's old fortune by stocking it with Brown Trout so it is fairly good fishing between there. Just east of there the Oldman joins the Bow to fom the South Saskatchewan River where the infamous Sturgeon can still be caught. Also in this stretch you can find in some spots The unknown Pumpkinseed Bass. That's right there is Bass here in Alberta. There is also Smallmouth in Alberta but that's a different body of water. There are dozens of major tributaries that flow into the Oldman. Just to name a couple there is the Pincher, Dutch, and Willow Creeks. All of these tributaries provide excellent fishing, especially for those just learning the art of flyfishing.
| Insect | Date | Fly Patterns | Fly Sizes |
| Blue-Winged Olive | April 1- Mid May | Adams | #16-#20 |
| April 1-Mid May | Blue-winged olive | #16-#20 | |
| Caddis | Mid May-Sept | Elk Hair Caddis | #10-#16 |
| Salmon Fly | June-July | Orange Stimulator | #4-#10 |
| June-July | Yellow Stimulator | #4-#10 | |
| Green Drake | July-Aug | Olive Paradrake | #8-#10 |
| July-Aug | Green Drake | #8-#10 | |
| Grasshopper | Aug-Sept | Dave's Hopper | #6-#10 |
| Blue-Winged Olive | Sept- | Adams | #14-#20 |
| Blue-Winged Olive | Sept- | Blue-Winged Olive | #14-#20 |