The Port Fairy War Memorial, on the corner Bank Street and the Princes Highway, was erected January 1929, to commemorate the First World War. The memorial is a statue of a soldier with grounded rifle on polished blue-stone pillar and three tiered base, set in a chained enclosure inside a wider fenced enclosure. Statues representing a man of the Australian Imperial Force were second only to obelisks in popularity among Australian war memorials to the First World War.
The inscription reads "Post Cineres Gloria Venit (Glory Comes After Death)", below which are listed the names of those Port Fairy and District servicemen who died fighting. An inscription was then added "In Honour of the Men of Port Fairy and District Who Paid the Supreme Sacrifice in World War II." The memorial lists a total of 246 names of fallen and returned soldiers.