Authorities have said that 36 villages have been identified for evacuation in case the lake's banks burst.
Temporary shelters have been prepared for about 18,000 people.
Nine relief centres with medicine and food supplies have also been established in the area.
The lake was created out of the Hunza river by a landslide on January 4 that killed 20 people and left about 25,000 others stranded when the river was blocked.
The water surface level is expected to rise due to melting glaciers and rain in the Himalayan region.