The Rocky Valley Dam is a rock-filled embankment dam across the East Kiewa River, located on the Bogong High Plains, near , Victoria, Australia. Situated near the Falls Creek Alpine Resort, the dam is used for the generation of hydroelectricity for the Mackay Creek Power Station, one of the four conventional hydroelectric power stations that form part of the Kiewa Hydroelectric Scheme.
The dam is high and long, and is situated at . The resultant reservoir draws from a catchment area. The dam wall is traversable in all seasons.
The dam was funded and built by the State Electricity Commission of Victoria for the Kiewa Hydroelectric Scheme. Construction begun in 1954 and was completed in 1960. The dam and adjacent hydroelectric power station has been owned and operated by AGL Energy since 1991.
The reservoir at Rocky Valley Dam and a diversion from the reservoir at Pretty Valley Dam, together supply water for the Mackay Creek Power Station, via of sub-terrainan tunnels, of surface pipeline, and a steel-lined pressure tunnel. The Mackay Creek Power Station is located underground on the slopes of Mount McKay. Water discharged from the McKay Creek Power Station flows down the Pretty Valley branch of East Kiewa River to , and, since 2009, has been used by the Bogong Hydropower Project. The station has capacity for and, in 2015, generated per annum.
Water from the reservoir is also utilised in snow making in winter for the Falls Creek Alpine Resort.