The park has more than 70 conservation areas. Significant events were the first European settlement in 1838, the discovery of gold in 1869,and the 1955 enlargment of Lake Eildon.
The park has a variety of vegetation types, including box woodlands, Manna Gum and Candlebark forests, Stringybark and Peppermint, and Red Gum in the lower wetter areas.
The Spotted Green Frog is an endangered species. Trout is a significant predator. Barriers to exclude trout have been proposed.
Other significant species include bats (roosting in old mine shafts), 4 species of owl, Caspian Terns, White Bellied Sea-eagles and Leafy Greenhood orchids.