Until relatively recent times, the area was dominated by the hop-growing industry. New Norfolk still produces the majority of hops used by Australian breweries, but now the ANM paper mills at Boyer contribute significantly to the local economy.

The Derwent River is narrower and tree-lined at New Norfolk, and pursuits such as rafting, kayaking, fishing and water skiing are popular. For thrill-seekers, jet boat rides in the "Devil Jet" are available. The Salmon Ponds, a trout hatchery and trout fishing museum, are located close to the town.

Free guided forest tours into the Florentine Valley depart from New Norfolk in school holidays, and tours of the Boyer paper mills are also available.

The Old Colony Inn, a house itself 160 years old, is home to Australia's largest antique doll house. St. Matthew's Anglican Church is the oldest Anglican church in Tasmania, parts of it dating to 1823. Close to New Norfolk there is also a tulip farm with a "hop maze".

Most accommodation in New Norfolk is of the bed & breakfast nature, with one 4½-star, one 4-star, and one 3½-star facility (RACT rated).