Southbank was formerly an industrial area and part of South Melbourne. It was transformed into a densely populated district of high rise apartment and office buildings beginning in the early 1990s as part of an urban renewal program. Though few buildings built before this time have been spared redevelopment, Southbank does retain some significant heritage including many buildings in the major cultural precinct at the St Kilda Road end and some warehouses and wharves towards the area now known as "South Wharf".

The central feature of Southbank is Southgate Arts and Leisure Precinct, a retail, eating, and entertainment precinct on the southern bank of the Yarra River. Southgate features the iconic sculpture Ophelia by Deborah Halpern, which is the big Y symbol (representing Melbourne) that stands at Bear Brass cafe. The entertainment precinct extends along the Yarra and includes Crown Casino. The suburb also includes an office precinct and a hi-density residential precinct which has many skyscrapers, the tallest of which is the Eureka Tower. The Queensbridge Precinct includes Queensbridge Square, a pedestrian plaza and meeting place.