Situated on the outskirts of the village, it is the final resting place for many well known people and pioneers including a Nobel Prize winner and the first Australian recognised as dying for Unionism.
The grave of Walter Richardson, the father of novelist Henry Handel Richardson, is located in Tower Hill Cemetery. Walter, a doctor, came to Koroit in 1878 with his family when his mental and physical health were declining. He died the following year. 'Henry' was nine at the time of his death. The first burial in the cemetery dates back to 1856. It is located adjacent the Princes Highway, en route to Tower Hill Reserve.