Founded in 1852, it is a superior court of common law and equity, with unlimited and inherent jurisdiction within the state.

Although the Supreme Court is theoretically vested with unlimited jurisdiction, it generally only hears, at trial, criminal cases in instances of murder, manslaughter or treason, and civil cases where the statement of claim is in excess of the Magistrates' Court limit of $100,000.

[1] The Trial Division sits with one judge, and usually acts as a court of original jurisdiction for serious criminal matters such as murder, attempted murder, corporate offences and certain conspiracy charges, and civil matters which are considered to involve greater complexity or amounts of money more than would be appropriate to have determined in the Magistrates' Court (whose civil jurisdictional limit is $100,000)[2] or County Court (whose jurisdiction has since the beginning of 2007 been unlimited as to amount).

In rare cases where it is sought to overrule or reconsider the correctness of a previous Court of Appeal decision, it can sit with five judges.

[3] The Supreme Court also does circuits to Ballarat, Geelong, Warrnambool, Hamilton, Horsham, Bendigo, Mildura, Shepparton, Wangaratta, Wodonga, Sale and Morwell.