Since there are no lakes in the Pescadores, the most likely explanation for the name is that the harbor in the capital of Makung, is as calm as a lake even in stormy weather.
澎湖古時曾有「島夷」、「方壺」、「西瀛」、「亶州」、「彭湖」、「平湖」等稱呼。澎湖無「湖」，何以稱為「湖」？