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Start on the north side of the lake, and head west towards Zhejiang University, then down Lingyin Road past the Botanical Gardens and into Longjing Village. Keep heading West and south through the tea villages, bamboo forest, and scenic valleys to the river and cut over towards Six Harmonies Pagoda. Go back to the south end of the lake via the road right next to Six Harmonies, past the zoo, through the tunnels. Cycling is banned directly alongside the lake for about half of the way, so walking may be better if you want to see the lake.
Xihu
Hangzhou's most famous scenic sight. It is traditional to see the 10 Scenes of the West Lake and 10 New Scenes, and thousands of the visitors dutifully do so every year. However, these particular sites are overrated, and often seasonal (Snowfall Over Broken Bridge, etc.). Rather than make a checklist and walking back and forth looking for them, simply spend a clear day wandering the circumference of the lake and the causeways, take a ferry to the islands, and you will probably cover most of the sites anyway. The lake is quite large: the walk around it is about 12 km long.
苏堤春晓 Sūdīchūnxiǎo
Almost 3 km long, the Su causeway dates from the year 1189 and has a bunch of willows and peach trees. It is long north-south causeway that starts by the Shangri-La on Beishan Road and goes all the way down to Nanshan Road.
曲院风荷, Quyuanfenghe
At the west of West Lake, just in front of the Yuemiao (岳庙), in it there are a lot of shops.
平湖秋月 Pínghúqiūyuè
A traditional place to see the full moon reflected in the water.
断桥残雪 Duànqiáocánxuě
The Broken Bridge is the most elegant and romantic site in West Lake. When it is snowing, the hole of the bridge just like the bridge is broken. The classic view of West Lake seen from the Broken Bridge is quite fascinating, and the Legend of the White Snake (a famous Chinese legend which takes place here) also brings this ancient bridge much more charm of culture and history.
雷峰夕照 Léifēngxīzhào
The pagoda (see below for full description) is lit up at night. It is best viewed from across the lake, for example from the spot indicated here.