The Robertson River cuts through the gorge, named after an early station owner and merchant from the district, Frank Cobbold of Carpentaria Downs. With O'Brien and other partners, Cobbold developed the Cumberland mine, the richest producer on the Etheridge field throughout the 1880s. At the entrance to the gorge is John Corbett's grave. A storekeeper from the Cloncurry goldfields, he was murdered and robbed of gold while on his way from Western Creek to Normanton in 1871. Although Aborigines were blamed for his death, Corbett was probably waylaid and killed by one or more Europeans.

Cobbold Gorge was formed through sedimentation 135 million years ago. The resulting Hampstead Sandstone base rock was subjected to compression and faulting. Wet-season torrents passing through the narrow ravines have carved deep gorges, leaving permanent rock holes overlooked by spectacular sandstone cliffs. Visitors can experience the uniqueness of Cobbold Gorge by taking a guided boat tour.

Cobbold Gorge tours are only available from Easter until  October 31^st.