Lake Mulwala is a man-made reservoir on the Murray River, straddling the New South Wales–Victoria border near the towns of Mulwala (NSW) and Yarrawonga (VIC), approximately three hours from Melbourne. The lake was formed by Yarrawonga Weir, a 7-metre-high, 343-metre-long embankment completed in 1939. The weir raises the level of the Murray River, creating the storage that became Lake Mulwala.

The lake's most distinctive visual feature is its population of drowned river red gums — large, pale, skeletal trees standing throughout the water, creating an otherworldly landscape that is particularly striking at sunset. These submerged tree stumps and woody debris are scattered across the lakebed, forming extensive habitat structure that supports strong populations of Murray Cod, some reaching 1.2 to 1.4 metres. Yellowbelly, redfin, carp, and silver perch are also present. A NSW recreational fishing licence is required for fishing anywhere on the lake.

For paddlers, the calm waters and the maze of standing dead timber make kayaking and canoeing the primary draw. Guided kayak tours are available, and the lake is noted as suitable for exploring between the trees. Weed growth can be thick in certain areas, which is worth accounting for when planning routes. Under Transport for NSW navigation regulations, all watercraft must keep to 4 knots within 50 metres of shore to reduce erosion from boat wash. Beyond that zone, the lake also accommodates waterskiing, wakeboarding, and motorised boating, so paddlers should be aware of vessel traffic, particularly in open water areas away from the tree stands.

A regional boat ramp provides lake access and includes parking for various rig sizes, electric BBQ facilities, picnic tables, and public toilets. Several holiday parks along the foreshore offer accommodation with direct lake frontage, and some include private boat ramps. Walking tracks and foreshore picnic areas are available on both the NSW and Victorian sides of the lake.

The lake supports diverse birdlife, including cockatoos and sacred kingfishers, making it of interest to wildlife observers. Chinaman's Island, accessible via a walking trail, is noted as a good birdwatching location. The broader Yarrawonga-Mulwala area offers additional amenities including restaurants and a pioneer museum within easy reach of the water.