It was launched by Bicycle Network in 2010, and aims to provide cyclists with one of the world’s toughest and most picturesque cycling challenges through Victoria’s Alpine region.
With climbs comparable to a stage in the Tour de France, riders must complete the circuit within 13 hours to receive a "Finisher’s Jersey".
Event entry includes a controlled seeded wave start (descent down Falls Creek) with timed climbs, 85 km of road closures, mobile support teams – lead vehicle, SAG wagon, motorcycle marshals, mechanical support, seven rest areas with food, medical and mechanical support, post-ride food and celebration, food and clothing valet service.
The route starts at the top of Falls creek with a long descent to the valley floor of about 28 km.
Tawonga gap descends to Germantown at which point the main flat section of the route starts to Harrietville, a distance of 22 km rising no more than 200m along the length.
The climb starts exactly on 200 km distance with the encounter of "WTF "corner", which is a 600 m section of road rising to 15% gradient.
Here the road gets easier for the last 500 m vertical elevation to the summit, and the ride them is completed by a short descent into the township, around a mountain top reservoir.
This year the route was changed due to the road to Mt Hotham subsiding as a consequence of bush fires and heavy rain.
The large number of people not finishing was mainly due to the extreme heat experienced in the day (in excess of 38 °C in the afternoon).
On Sunday the 10th of March 2019, riders set off on the 10th anniversary of Peaks Challenge Falls Creek.