It rises to the west of Bungay near the villages of Ditchingham and Earsham.
After Bungay, there is Geldeston Lock, then Beccles. The river meanders on towards Somerleyton; Oulton Dyke runs off the Waveney and through Oulton Broad into Lowestoft and into the sea.
Just after Somerleyton, at St. Olaves, the New Cut branches off to the left to connect the Yare and Waveney. It flows into Breydon Water at the confluence of the two rivers.
There was a special version of the Norfolk wherry in use on the Waveney, with boats measuring no more than 70' x 16'. There were also steam wherries.