Historian and toponymist Ian D. Clark believes Blandowski misheard the name, and the word was possibly "Ngannelong" or something similar.

[4] Hanging Rock is a mamelon, created 6.25 million years ago by stiff magma pouring from a vent and congealing in place.

Two other mamelons are nearby, created in the same period: Camels Hump, to the south on Mount Macedon and, to the east, Crozier's Rocks.

[citation needed] Alternative names for Crozier's Rocks are Brock's Monument, Alexander's Head and Mount Crystal.

[14] The Friends of Hanging Rock, established in 1987, is a community group that holds events open to the public, such as planting days and wildlife tours.

The reserve is a habitat for endemic flora and fauna, including koalas, wallabies, possums, phascogales, wedge-tailed eagles, and kookaburras.

There is also a "Picnic at Hanging Rock" costumed event held in February around Valentine's Day, organised by Central Highlands Victorian Historical Group.

Hanging Rock Reserve is listed on the Victorian Heritage Register as a place of historical, aesthetic and social significance to the State of Victoria.

[17] Hanging Rock Reserve is under review by the Department of Environment, Land, Water and Planning to determine future governance and administrative arrangements for management of the site.

Hanging Rock reserve is used as an occasional outdoor concert venue by major international acts on tours.