The small historic country town came into existence in 1863 as an important supply depot en route to the Walhalla goldfields. Goods were transported from Port Albert to Toongabbie by bullock wagon and then transferred to packhorses and mules for the arduous journey to Walhalla. As Walhalla boomed, the Toongabbie township thrived. Other industries important to the town were timber and farming.
Today, Toongabbie has a primary school, volunteer run 18 hole golf course and the general store and post office, the hub for the community. The railway station was closed in 1986 and the former railway line now forms part of the Gippsland Plains Rail Trail, a level family friendly track ideal for walking and cycling, attracting locals and visitors alike.
Restored historic buildings including the heritage listed Mechanics Institute and Free Library, one of only two existing two storey timber buildings in Victoria and St David’s Uniting Church with 13 different pressed metal designs internally stand as reminders of the town’s resilience and origans. The restored grandstand looks out over the village green and is used for football and cricket. The cemetery has many graves dating from the late 1800s.
A memorial was erected in Toongabbie to Ned Stringer for his discovery of gold in 1862 at Walhalla and its importance for gold heritage in Victoria.