The Goulburn River in Victoria is one of the longest rivers in the state, stretching approximately 565 km from Woods Point to its confluence with the Murray River. Around 165 km of the river between the Lake Eildon Pondage and Hughes Creek (downstream from Seymour) is managed as a formal waterway under the Marine Act 1988, with the Goulburn Broken Catchment Management Authority serving as the appointed waterway manager for this stretch.

The river's character changes considerably along its length. Downstream of Lake Eildon, near Thornton, the water is very cold and crystal clear, released from depth at the dam approximately 8 km upstream. The river meanders across the floodplain, pressing occasionally against steep valley walls, with visibility easily exceeding a metre in the upper reaches. Further downstream near Seymour and beyond, the river deepens and motorised watercraft including wake boats and jet skis become more prevalent. In the lower reaches near Wyuna and the Lower Goulburn National Park, the river passes through pristine red gum forest and is largely shared only with canoes and local fishermen.

Summer is generally the best season for paddling, as water releases from Lake Eildon for irrigation purposes raise river levels significantly, with typical releases of around 8,000 ML per day and short-term environmental flows reaching up to 18,000 ML per day. These flow changes can be rapid and are good reason to avoid camping too close to the water's edge. River heights can change quickly, including in reaction to heavy rain above the dam.

Submerged logs and fallen trees are a consistent hazard throughout the river and require constant vigilance. The lower sections of the river in the national park also feature snags. Paddlers should wear a life jacket at all times and carry appropriate safety gear.

Access points are available at numerous locations. Near Thornton, Point Hill Streamside Reserve offers parking and a boat ramp. In Seymour, the Goulburn River Caravan Park has a public boat ramp, and Lions Park approximately 1 km downstream provides another option. Near Kialla, a launch point off Raftery Track provides easy two-wheel-drive access with free parking, campsites, picnic tables, and a boat ramp. The Mooroopna and Shepparton launch spots are approximately 5 km and 10 km downstream respectively from Kialla.

Wildlife in the lower reaches includes a wide variety of water and forest birds, and platypus sightings are possible. The Lower Goulburn National Park section is noted for its flora and fauna diversity.