Heyfield is the next of the town of the sextuplet Latrobe Valley towns. Heyfield is a nice town servicing primarily a dairy and rural community. Heyfield though is a smaller town. That said, most essential services are provided.
In 1841 an early settler, James McFarlane, described the district as resembling "a field of waving corn", and called it "Hayfield". By 1866, the spelling had changed to "Heyfield", but exactly when and why this happened is unclear. It may have been renamed to reflect the spelling of the nearby Heyfield Station.
In 1866, McFarlane's property was taken over by James Tyson, a former member of the Queensland Legislative Council, a pastoralist, and considered Australia's first self-made millionaire.
The town grew up as a stopping point for diggers on their way to the Gippsland goldfields, and the Post Office opened on 24 September 1870. It is the principal source of hardwood in Victoria, and the largest timber mill in the Southern Hemisphere, is located there.