Granite Falls is a waterfall on the West Branch of the Moorabool River, located within Lal Lal Falls Reserve near Ballarat, Victoria. It sits downstream from Moorabool Falls and can be reached via a 2.

8 km walking track that begins at Lal Lal Reserve and passes all three waterfalls in the area.

What sets Granite Falls apart geologically is that it flows over exposed hard granite rock, where the overlying basalt has been eroded away, leaving distinctive grey, rounded boulders with small fissures cut through the rock.

The falls lie approximately 400 metres up the Moorabool West Branch from its confluence with Lal Lal Creek. Close access to the base of the falls is not encouraged, as there is no defined path down the steep valley wall.

The terrain involves rock hopping, slippery ground, and dense blackberry growth. A good view can be had from the gorge rim, and a park bench near the 1. 6 km mark on the main trail offers a vantage point.

After heavy rainfall the falls can be obscured by turbulent high water.