The town centre of Alexandra, which is built along the attractive boulevard of Grant Street, features a number of historical buildings that have been preserved and date back to the 1850s when gold was discovered and mined in the area. Today, the town is an important commercial hub for the surrounding villages including Yarck, Acheron, Taggerty and Thornton, offering a selection of shopping facilities.
Many of Alexandra's recreational areas can be found along the Ultima Thule Creek. Rotary Park, on the corner of Grant Street and Vickery Street, offers picnic and BBQ areas, a shelter, a swing bridge over the creek, and is the home of the town's visitor information centre. The Jack Shiel Gardens, on Perkins Street, are exquisitely landscaped with conifers, colourful flowers and include the George Braden Memorial Rose Gardens. At the eastern end of Vickery Street are sports ovals and more parks which run along the creek.
The Timber Tramway & Museum is located in the old railway station building in Station Street and displays artifacts of the timber industry including steam engines. Train rides are available on a 600 metre loop.
Just south of the town, along Mount Pleasant Road, are a couple of natural attractions. The McKenzies Flora Reserve features a picnic ground and a nature walk through displays of native Australian wildflowers and rare orchids. Further along Mount Pleasant Road is the turn-off for the Lucky Mine lookout. The lookout itself offers good views of the surrounding countryside, hills, and a northerly view towards Alexandra.
Alexandra is a good base from which to explore the nearby Lake Eildon and the surrounding Lake Eildon National Park.