Bull Shoals is a city in Marion County, Arkansas, United States, founded in 1954. The population was 1,952 at the 2020 census. Primarily a retir…Bull Shoals is a city in Marion County, Arkansas, United States, founded in 1954. The population was 1,952 at the 2020 census. Primarily a retirement and vacation center, Bull Shoals is bordered in three directions by the clear, deep, man-made Bull Shoals Lake.