First settlement of the area around Morialta began in 1840 with tree felling, mining and quarrying and grazing having dramatic effects on the native vegetation. The area around Fourth Creek was occupied by a variety of owners, all utilising the land for primary production with Angora goats being introduced into this area during the 1870's.
In 1901, James Smith Reid purchased 405 hectares around the headwaters of Fourth Creek. In August 1912, he donated 120 hectares of land to the State Government and sold a further 90 hectares. This land was placed in the control of the National Pleasure Resort on 20 March 1913 and Morialta Falls proclaimed in the Government Gazette of 15 July 1915 as a National Pleasure Resort.
In July 1972, an area comprising 372.2 hectares, was combined under the National Parks and Wildlife Act 1972 and renamed Morialta Conservation Park.