In 2008, the Falls Festival won the FasterLouder Festival Award for 'Best Lineup' and the following year the Marion Bay site received the 'Favourite Venue and Location' award. In 2021, the Marion Bay edition of the festival was cancelled permanently, with organizers citing low revenue from the event.

All editions of the festivals since 2020 were cancelled due to the COVID-19 pandemic in Australia, with organisers citing interstate travel restrictions. In 2019, the festival at the Lorne site was cancelled due to extreme bushfire risk during the 2019–20 Australian bushfire season. In 2013 the Byron edition of the event was introduced, increasing the reach of the festival across the country. Subsequent festivals retained this two-location format. Both the Lorne and Marion Bay festivals have continued to run simultaneously and artists continue to be exchanged between the two locations over the course of the festival. The same acts played at both events the 30 December acts who played at Lorne, play 31 December at Marion Bay, and vice versa.

In 2003, two events were held simultaneously for the first time one in Lorne, and an additional event at Marion Bay, Tasmania. The 1999 festival was the first to be held off the Lorne site, moved temporarily to the Torquay site of the Offshore Festival due to poor weather. In 1995, the event adopted a two-day format, and in 1996 the name was changed to The Falls Music & Arts Festival. The initial event attracted nearly 11,000 people, exceeding the organisers' expectations, and the organisers negotiated the use of neighbouring land to accommodate the crowd. The festival started in 1993, with a small one-day concert, held in Lorne, Victoria, Australia, and was named Rock Above The Falls. ( August 2020) ( Learn how and when to remove this template message) Unsourced material may be challenged and removed. Please help improve this article by adding citations to reliable sources. This section needs additional citations for verification.

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