Koh Lipe has some great snorkeling right of the beach, but the best spots can be visited on day trips to the dozen or so nearby islands.
A great spot is at the southern tip of Sunrise Beach (Near Forra, Coco and Viewpoint). Good swimmers can take fins and snorkel and head out to one of the 2 small islands in front of the beach. There are nice things to be seen when you swim around the islands, or swim from one to the other above a sharp drop-off. There are sometimes strong currents here, don't head out alone. Another good place to snorkel is Pattaya Beach, the good stuff is a bit further out. Ask at the many dive shops on Pattaya beach where exactly you need to go.
There are some great dive sites near Koh Lipe
And unlike other places in Thailand, diving around Koh lipe is still quite peaceful and relaxed. There are about 7 dive shops on Koh Lipe and they all offer a similar standard and service. The difference usually lies in the languages spoken and the general atmosphere. Koh Lipe is small enough to have a quick wander around before committing to any of the dive shops. See what works best for you!
Probably Koh Lipe's most picturesque site, popular with both snorkelers and divers. Beautiful soft coral cover a pinnacle underneath the surface to about 16 meters. There is a cleaning station here, so you never know who you're going to see.
This is a great dive with great visibility. Good chance on seeing something big from deep waters nearby. There is a huge black rock covered with soft coral that provides a fairytale backdrop. You can cruise around a few pinnacles and there is a very interesting shallow reef.
8 Mile Rock
This is a world class, but very peaceful dive for advanced divers only. Access to this site depends on weather and current conditions, so check in advance with a local dive center if you really want to dive this site. 8 miles from the shore a pinnacle rises from below 40 meters to about 16 meters. There are always leopard sharks around, and very often there are mantas.
Beautiful scenery above and below the water: near a few stunning beaches you can dive along the island, which is surrounded by a deep channel. Surreal rock formations and weird looking corals house a lot of cowries.
Yong Hua - Wreck dive
10 years ago the Thai fish processing ship Yong Hua sank to a depth of 40 meters near Lipe island and a reef has been established here. This is dive for divers with experience and requires a good deal of planning and thinking, in return you get to see an intact wreck and insight in reef formation. Due to the depth (starts at 35 meters) this is a short dive but your safety stop should be worth it just watching barracudas