Previously used only for summer cattle grazing in the natural alpine grasslands, the first ski lodges were built there in 1948, with the first chairlift in Australia constructed there in 1957.
The resort now features 19 ski lifts and 32.8 kilometres of groomed cross-country skiing trails, ranging from gentle nursery slopes to expert runs. Falls Creek, with its higher altitude, is regarded as having better runs for proficient skiiers than Mount Buffalo or Mount Buller and ranks with Mount Hotham as Victoria's best. However, Australia's notoriously fickle snow conditions ensure that snowmaking using the water from the nearby Rocky Valley Dam is sometimes, particularly early in the season, the main source of skiable snow. Consequently, like all Australian snowfields, Falls Creek's customer base is almost entirely domestic.
The resort features 4,500 accommodation beds, and consequently a large number of restaurants, bars, and nightclubs to amuse the guests at night. Some apartments are privately owned, but the resort's management requires that they must be available for hire when not occupied.
The resort also serves as a summer base to explore the massive national park surrounding the resort.