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The Caulfield Racecourse Reserve is permanently reserved for Racing Recreation and Public Park purposes, under the Crown Land (Reserves) Act 1978.

Orders in Council dated 6 October 1879, 30 January 1884 and 13 July 1930 and section 8 of the Land(Miscellaneous) Act 1991 reserved the land, while the Revocation and Excision of the Crown Reservations ( No.2) Act 1067 and the Land ( Miscellaneous) Act 1991 excised land from the Crown Reserve. The total Area of the Crown Reserve is currently 54.517 hectares.