Lilydale Falls Reserve is 2.5 km out of town on Golconda Road. The falls are an opportunity to explore temperate rainforest, have a picnic, go bushwalking, inspect the two small falls, and marvel at two oak trees which were planted on 12 May 1937 from acorns collected near Windsor Castle on England. The oaks commemorate the coronation of King George IV. Camping facilities are also available, keys and entry fees can be obtained from the Lilydale Takeaway & Newsagency.

Hollybank Forest Reserve (a 140 ha forest reserve which was first settled by timber cutters and mill workers in 1854) is now an arboretum with walking tracks, picnic facilities and an interesting Information Centre. It is reached from a turnoff near Underwood. The reserve is now home to the Hollybank Treetops Adventure. Hollybank Treetops Adventure is a new tourism joint venture between Australian Canopy Tours and Forestry Tasmania. Visitors glide across the treetops in this unique forest canopy tour, gaining a bird's-eye view of Tasmania's beautiful forests.

Mount Arthur is a mountain in the north of Tasmania which reaches 1,188 metres (3,898 feet). It is north-east of Launceston, near the town of Lilydale. Due to its close proximity to Launceston its summit is home to a large number of radio towers.

The Mount Arthur Track takes you from myrtle forest up to high alpine plateau with magnificent sweeping 360 views of the coast and hinterland. On a clear day you will not be disapointed. Prepare for exposed conditions - high wind, extreme UV and snow/fog at any time of year. It is an energetic 3 hour round trip walk to the summit which is rewarded by far-reaching and dramatic views.