Victoria Falls is one of the Seven Natural Wonders of the World and was viewed by Scottish explorer David Livingstone as the first westerner on 17 November 1855. The name Victoria Falls is the name in use in Zimbabwe but the older, indigenous name of Mosi-o-Tunya (the smoke that thunders) is the name in official use in Zambia. The World Heritage List recognizes both names. While it is neither the highest nor the widest waterfall in the world, it is claimed to be the largest. This claim is based on a width of 1,708 meters (5,600 ft) and height of 108 meters (360 ft), forming the largest sheet of falling water in the world. The falls' maximum flow rate compares well with that of other major waterfalls.

The Zambezi basin above the falls experiences a rainy season from late November/early December to early April, and a dry season the rest of the year. The river's annual flood season is February to May with its peak in April. The spray from the falls can typically rise to a height of over 400 meters (1,300 ft), and in exceptional cases even twice as high! On a clear day, it is visible from up to 50 km (30 miles) away. At full moon and clear conditions, a "moon bow" can be seen in the spray instead of the usual daylight rainbow. During the flood season, however, it is virtually impossible to see the foot of the falls and most of its face, and the walks along the cliff opposite it are often in a constant shower and shrouded in mist. Close to the edge of the cliff, spray shoots upward like inverted rain, especially at Zambia's Knife-Edge Bridge.

As the dry season takes effect, the little islets on the crest become wider and more numerous, and between August and the end of January up to half of the rocky face of the falls may become dry opening the view up to bottom of the First Gorge that can be seen along most of its length. At this time it is possible (not necessarily safe) to walk across some stretches of the river at the crest. During this time is also possible to walk to the bottom of the First Gorge at the Zimbabwean side. The minimum flow, which occurs in November, is around a tenth of when falls are in full flow making this variation greater than that of any other major falls. This also causes Victoria Falls' annual average flow rate to be lower than might be expected based on the maximum flow.

Victoria Falls is roughly twice the height of North America's Niagara Falls and well over twice the width of its Horseshoe Falls.