Samuel Haycock had visited Ulley Reservoir with friends on Friday afternoon when he got into difficulty in the water.
Emergency services were called at 3pm and attempts were made to find the 16-year-old, known as Sam.
Police later confirmed that a body had been recovered from the water, which has since been formally identified as the Rotherham teenager.
Sam's family are currently being supported by specially-trained officers.
Following the tragic news of Sam's death, emergency services reiterated the importance of staying away from open water.
Superintendent Cherie Buttle, of South Yorkshire Police, said: “Friday’s incident was incredibly tragic, and my heart goes out to the boy’s family and loved ones – my thoughts are with them today.
“While I would encourage people to avoid speculation as to the circumstances surrounding what happened, I urge everyone to be careful while enjoying the bank holiday weather. Please be safe.”
South Yorkshire Fire & Rescue Area Manager Stewart Nicholson, said: "Too many young lives are needlessly lost in open water every year. Our message couldn't be clearer - please, please stay out of the water and stick to swimming pools or organised swimming groups instead."
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