[9] As of 2009[update], the former railway crossing of the river has been identified as a potential asset of the East Gippsland Rail Trail, however the current poor condition of the bridge makes it unsafe for use.

[10] According to the Land Conservation Council Rivers & Streams Special Investigation 1990, "It is an important example of the large-scale biological systems that were once widespread in south-eastern Australia."

The Den of Nargun mentioned in Aboriginal legends is found about 1 kilometre (0.62 mi) from the river on a small tributary called Woolshed Creek.

The Mitchell River is prone to flooding, sometimes cutting off towns such as Wy Yung and Lucknow from Bairnsdale and causing extensive damage to property, farmland and infrastructure.

The tributary rivers have a very large population of Australian grayling, which is listed as a vulnerable species by the Department of Sustainability and Environment, and has a very high conservation value.

The Mitchell River silt jetties are subject to erosion caused by a salinity increase in the lakes which is slowly killing off the vegetation.

Destruction of reeds, cattle grazing on the river banks, access by anglers, and scouring by boat wash also contribute to erosion.