Jubilee Lake is located a couple of kilometres south of Daylesford. It is a scenic spot idea for fishing, boating and swimming, just a short walk from a mineral spring. A few kilometres further south is Sailor's Falls - a 30 metre cascade of water into a deep gorge, surrounded by a reserve.
Lake Daylesford covers land upon which gold was first discovered, created in 1929. Is in the beautiful Central Springs Reserve, just a few minutes' walk south of the town centre. There is a cafe built right beside the lake, picnic spots, walking tracks and several mineral springs. Jetties are provided for fishing and for those wishing to hire rowboats or other pleasure craft.