Palisade Falls is located south of Bozeman in the Hyalite Recreation Area, just beyond the reservoir. The trail begins at the East Fork of Hyalite Creek, then follows a tributary for approximately half a mile to a bridge fronting the falls. Palisade Falls is a towering cataract dropping more than 80 feet off a vertical rock wall at the southern base of Palisade Mountain. The trail is wheelchair- and stroller-accessible, mostly paved, and features picnic tables at the trailhead.

This is a great, easy trail during the heat of summer, when the falls and dense forest keep hikers, bikers, and runners cool. The trail can get slick during winter, but good traction or a pair of cross-country skis make for an easy winter outing.