Ulverstone itself is known for its many parks, each offering something unique. ANZAC Park has a good children's playground and barbeque areas; Fairway Park has a bird sanctuary and water-slide; Shropshire Park has a footpath inscribed with Royal Australian Navy history; and Legion Park has great coastal views. In addition there is Tobruk Park, the Boer War Memorial, and Queens Gardens.

Natural points of interest include Preston and Castra Falls, both south of the town. Tours of the Gunns Plains caves (illuminated limestone caves with glow worms and an underground river) are available. Still further south is Leven Canyon, where a viewing platform provides spectacular views of this 400m (1200 ft) gorge rising from the Leven River. For those with a degree of fitness, there is a five-hour return walk to Winterbrook Falls.

Other attractions in the Ulverstone vicinity include a miniature railway 2 km (1 mi) from town, and a hop farm (tours available during harvest time, March & April). Ulverstone has one 4-star and six 3½-star accommodations (RACT rated).