The site of a 1750 defeat of a native uprising and an 1810 oratory to the Virgin of Aranzazú, a Marian apparition and the city's patron saint, Cerro La Matanza was granted Village status by the Provincial Legislature, in 1826.

Designated a "city" in 1851, Victoria also features an abbey (Abadía Los Monjes del Niño Dios), founded by Benedictine monks who arrived in 1899.

The Victoria region is at the core of the fishing industry of commercially important species like sábalo (Prochilodus lineatus) and surubí (Pseudoplatystoma spp.

Every year Victoria hosts an extended Carnival Season; in 2005, for example, parades and dances were held on weekends from January to the beginning of March.

A year later the high-class Casino was opened on the river front; and being one of the biggest such in the country it has brought much wealth for Victoria's tourism industry, attracting gamblers on a national scale.