[citation needed] The town is still the commercial hub for the Omeo Region and is a service centre for outlying communities such as Benambra, Cobungra, Cassilis, Swifts Creek, and Ensay.

The first reported sighting by Europeans of the wide plain that Indigenous peoples referred to as 'Omeo' was by the naturalist John Lhotsky from the southern Alps in 1834.

The main street, Day Avenue, was packed every night with people out strolling, shopping and enjoying the evening air.

In 1851 Reverend W B Clark, a noted geologist reported that he had found evidence of gold in quantities that would make the mining of it economically feasible.

Giant flumes crossed gullies and ravines with the water arriving at about 190 feet above the creek and the alluvial deposits.

People came from all over the district to see a local identity, Miss Rogers, smash a large bottle of champagne over the wheel as it started up, and christen it the Mountain Maid.

Smile of Fortune, Rip Van Winkel, Happy Go Lucky, The Joker, and Inexhaustible were some of the names given to the many reef mines that opened up.

[5] The town hosts a range of events including the Mountain Calf Sales and Hinnomunjie Picnic Races in March, an Easter Saturday Rodeo with a town market held at the courthouse gardens prior to the event, Easter Sunday Polo Match at Cobungra Station (20 minutes), Caravan & RV Muster and an Agricultural Show in November.

Due to its inland, valley location at a southern latitude, Omeo has a cool oceanic climate (Cfb) with four distinct seasons and a high diurnal range much of the year, with chilly nights year-round.

The school also offers an annual Ski Program for its students which is unique to places located close to the snowfields.

[15] Omeo has a 9 Hole Grassed Green golf course located on Stanley Drive, 5 minutes from the town centre.

[16] Omeo boasts new and updated sporting facilities including tennis & netball courts, a football oval and a recreation reserve complete with a function room and commercial kitchen.

On weekends the town is often visited by motorcyclists taking advantage of the fine weather to ride the Great Alpine Road.