The CryoSat-2 satellite provides high-precision and long-term monitoring of global lake levels, offering advantages for water resource management, ecological protection, and disaster warning. However, the lake ice penetration by radar electromagnetic waves of CryoSat-2 altimetry tends to result in underestimation of water levels for lakes in high latitudes and altitudes. By contrast, the laser altimetry of ICESat-2 enables us to obtain the height measurements from lake ice surface and the ice penetration impacts on lake levels can be nearly ignored in the ICESat-2 elevation product. After converting the CryoSat-2 and ICESat-2 altimetry data to the same datum and height reference system, the water level difference of (near-) synchronous observations between the two satellites could be mainly attributed to the influences by the lake ice penetration from CryoSat-2 data. In this study, totally 257 lakes in high-latitude (north of 50°N) and high-altitude (the Tibetan Plateau, TP) regions that are covered by both CryoSat-2 and ICESat-2 satellite tracks are examined to explore the characteristics of ice penetration impacts on water level measurements. The altimetry data during unfreezing seasons (June to October) are used to correct the systematic height biases of these two satellite measurements, thus their water level differences during freezing seasons (November to May of the following year) are deemed as the influences of ice penetration on lake level measurements by CryoSat-2 radar altimetry. The results show that the maximum underestimation depth of water level for each lake varies within the range of 0.01–3.47 m, with an average of 0.90 m. Particularly in North America with a dense distribution of lakes, the underestimation of lake levels by CryoSat-2 gradually ascends with increasing latitude. CryoSat-2 underestimates lake levels in Europe and the TP less than in North America. Among different months, the lake ice leads to the maximum underestimation on the water level by CryoSat-2 altimetry in March. The spatial and temporal characteristics of lake ice impacts on the water level measurements by CryoSat-2 altimetry would be an essential reference for quantifying and reducing the uncertainties of satellite radar altimetry for monitoring inland water dynamics.