Yarrawonga's major natural attraction is Lake Mulwala which was formed by the building of a weir across the Murray River in the 1930s. The resulting 23 kilometre long lake is a popular location for boating, fishing and swimming. A number of tourist operators offer cruises on the lake and river for visitors.
Yarrawonga is a popular holiday destination, well known for its warm and stable climate and the array of festivals held in the area throughout the year. The main shopping strip is located along Belmore Street, with attractive parks and gardens located at the northern end which front onto Lake Mulwala.
Other attractions in town include the Old Yarra Mine Shaft tourist complex, located at the Visitor Information Centre, and the Tudor House Clock Museum. Good views along the Murray River and across Lake Mulwala can be enjoyed from the road and walkway along the Yarrawonga Weir.