Great Falls Dam, completed in 1916 by the Tennessee Electric Power Company for the purpose of power generation, was bought by TVA in 1939.

The area surrounding Great Falls Reservoir is a scenic wilderness with numerous waterfalls, including the one that gives the reservoir its name. Whitewater rapids below the dam are world renowned for kayaking and canoeing and have been the site for national and international paddling events.

Nearby Rock Island State Park offers hiking, camping, swimming, and boating on Center Hill Lake. There is a boat ramp above the dam on Great Falls Reservoir, an old mill site on the river below the dam, and spectacular fishing in the scenic gorge of the Caney Fork River.