Rocky Valley Storage sits at approximately 1,600–1,650 metres above sea level in the Alpine National Park near Falls Creek, Victoria, making it the highest significant body of water in Australia and home to the country's highest boat ramps. The reservoir covers around 265 hectares and measures roughly 8.7 kilometres long by 2.5 kilometres wide. Its primary water source is seasonal snowmelt, and the water feeds the Kiewa Valley hydroelectric scheme.

The lake is accessible via Bogong High Plains Road, a few kilometres beyond Falls Creek village. From Melbourne, the drive takes approximately five hours, with the final 30 kilometres along tight mountain roads when approaching via Mt Beauty. The road is generally closed during the snow season, and in harsher winters the lake can freeze over completely. Two boat ramps, one on either side of the dam wall, provide launching access; the ramps are gravel and may require an all-wheel-drive vehicle in anything other than dry conditions.

Paddlers can bring their own kayaks, sailboats, or paddleboards, and rentals are available on the foreshore from 10am to 4pm on weekends and on weekdays during peak holiday periods. Motorised craft are permitted up to a 15hp engine limit. The main shore area includes a grassy bank, picnic tables, and a toilet block.

Water temperatures are consistently cold, with the lake capable of dropping to just below 5°C in early spring — cold enough to qualify for ice mile swimming standards. Year-round temperatures can struggle to reach double figures, making hypothermia a genuine risk for anyone entering the water. Paddlers should plan accordingly with appropriate thermal protection. The water is described as clear.

The northern shore offers rock-hopping access to deeper water, while other areas have muddy and boulder-strewn footing. During summer, blowflies and March flies are present in significant numbers around the lake. The lake holds both brown trout and rainbow trout, and the annual Mile High Dragon Boat Championships are held here each January, which may affect paddling conditions on those dates. Cats and dogs are not permitted at the lake.