Falls Creek is situated near three lakes created for a hydro-eletric scheme. Rocky Valley Dam, Pretty Valley Dam and Lake Guy at Bogong Village, 20 minutes away. They offer beautiful places to fish, canoe, swim or picnic.
Rock pools can be found in the stream flowing from Rocky Valley dam. They are about a 20 minute walk from Frueauf Village.
The rivers of the area are fed by the snow melt from the Bogong High Plains.
The Kiewa River and its tributaries, Mountain Creek, Simmonds Creek, East & West Kiewa Rivers and Diamantina River are accessible for fishing or paddling.
At Mt Beauty the pondage and Kiewa river provde for fishing and scenic walks