Moorabool Falls is a 27-metre single-drop waterfall on the West Branch of the Moorabool River, located within Lal Lal Falls Reserve near the small community of Lal Lal, roughly 120 kilometres west of Melbourne.

The falls drop approximately 5 metres wide over a vertical face, making them one of the more impressive waterfalls in the region. The falls are reached via the Moorabool Falls Trail, a 2. 5–2. 8 kilometre one-way walk from the car park off Harris Road.

The trail crosses open grassy plains and passes two other waterfalls — Lal Lal Falls and Granite Falls — before arriving at Moorabool Falls as the centrepiece destination.

Granite Falls, encountered along the way, flows over exposed hard granite where overlying basalt has eroded to reveal rounded boulders. Information boards at the reserve provide guidance on the walking route.