The Campaspe River is a river in Australia. It flows through the state of Victoria. Aborigines lived near the river successfully for millennia.

With the arrival of Europeans in 1834, the river became known as the Campaspe, after a mistress of Alexander the Great. While the namegivers may have been unaware of it, this choice of name came to be particularly appropriate, as the area was subsequently stripped of vegetation and replanted as a small slice of 'Merry England'.

The Campaspe River flows through the town of Kyneton. For much of its length and, particularly near this town, it has been infested with willow trees, a non-native introduced to Australia. Presumably this was an element of the settlers' views of what constituted beauty. Extensive 'hedgerows' of hawthorn bushes were also planted and remain today.

Over a number of years the willow growth has been progressively cleared and eradicated by local groups of volunteers. The willow-free parts of the river have been subsequently replanted with indigenous species. Walking routes and cycle tracks have been installed along one bank of the river, creating a sustainable leisure resource for the town.