It is located in the National Park Retezat, being formed on Lolaia River, a tributary of Jiu. It is properly considered the most spectacular waterfall in Retezat National Park, together with Gura Zlata, Zanoaga, Rades, Judele and Ratezat Peaks.

The beauty of the mountain landscape is completed by the valuable alpine fauna, protected by law: chamois, lynx, deer, golden eagle, grouse, trout, rare invertebrates.

Located in the northern Retezat Mountains, Lolaia waterfall is one of the most beautiful sights in Retezat. It is accessible from  Ohaba-Pietrele  – drive to Carnic – marked with  blue tape. Lolaia Falls is at an altitude of 1,050 m in the Nucşoara valley that collects water streams: Stones, Valea Rea, Stânişoara and Galesu.

The big difference of level creates a very wild dream world, especially on the Pietrele creek, arising to a multitude of small waterfalls, culminating in Lolaia waterfall. The access to the cascade was arranged with steps and wooden railings. The height of the waterfall is around 13-15 m.