The Rubicon River, an inland perennial river of the Goulburn Broken catchment, part of the Murray-Darling basin, is located in the lower South Eastern Highlands bioregion and Northern Country/North Central regions of the Australian state of Victoria.

The Rubicon River is impounded by a 64-metre (210 ft) concrete arch dam diverts water into the 3.4-kilometre (2.1 mi) Rubicon aqueduct to the site of the Royston Power Station, where it collects water diverted from the Royston River.

Water then travels a further 5.4 kilometres (3.4 mi) to the Rubicon Power Station forebay.

The Rubicon Power Station has two 4.6-megawatt (6,200 hp) horizontal single-jet Pelton wheel generators.

The naming of the river first appeared on Thomas Ham's Map of Australia Felix in 1847, and was listed by Wells in 1848.