Cross Allenvale Road and follow in the direction indicated by the sign to Phantom Falls. The first section takes you along a narrow bush track beside the St George River and then across a small bridge. Unfortunately, there are many introduced exotic plants growing in this area. Walk through the apple orchard and farmland, following the track signs until you enter the Great Otway National Park with its natural vegetation of tall eucalypts and dense understorey.

The track follows the river, gradually ascending with views into the river valley. Following rains, water cascades over the rocky bed of the river. After about 1 km there is a steady uphill climb ending with some good views of the St George River Valley. From here it is an easy walk along and down to the Phantom Falls. Just before the Falls there is a management track branching to the left that leads to the Sheoak Picnic Ground via The Canyon.

The Falls site itself is an interesting spot. There is a small lookout and seat from where there is an attractive view of tree ferns growing on the escarpment, and after rain, water cascading over the rocks into the pool below. The Falls do not run well except after rain, when there is an overflow from the upstream Allenvale Dam. There is a steep track from the lookout that leads down steps to the base of the Falls.

Retrace your steps to return to the car park. The walk back is very easy as it is mostly downhill. The river valley is an attractive environment for birds of all sizes, and you may see or hear Superb Fairy-wrens, Whiteithroated Treecreepers, Grey Shrike-thrushes and honeyeaters. The larger Pied Currawongs are often visible. Also keep an eye out for Satin Bowerbirds around the Allenvale parking area as they sometimes breed there.