Torrential rain has affected regional and metropolitan areas alike, while authorities warn sodden catchments will mean weeks of flood risk.
Evacuations orders are in place for the town of Rochester along the Campaspe River, north of Melbourne, the central goldfields town of Carisbrook near Maryborough, Skinners Flat in Wedderburn and Seymour on the Goulburn River.
About 70 residents have also been told to leave Maribyrnong in inner Melbourne.
Strong, fast-moving water from the dam a metre deep was expected to course through the town via the Calder Highway, authorities said on Friday morning.
The State Emergency Service has responded to more than 2600 requests for help in 24 hours and carried out at least 120 flood rescues during the past two days.State commander Josh Gamble said complacency was the main reason for people getting into trouble.
"Many of these people are putting their own lives at risk, their own children in some circumstances, but more importantly, other community members and responders and that's in all parts of the state not just metropolitan areas," he told ABC.
Premier Daniel Andrews has announced one-off payments of $560 per adult and $280 per child for people displaced by the floods.
They can be claimed online from 9am AEDT on Friday.
"We'll put extra staff on and get those payments made as quickly as we can," he said.
Federal Labor member for Maribyrnong Bill Shorten said the situation was devastating.
"It's really upsetting for residents in my local community," Mr Shortel told reporters in Melbourne.
"These are areas where I've lived for the last 30 years. The last big floods were in 1974, so for a lot of people this would be a new and devastating experience."
A Victoria SES spokesperson said more than 50 sandbag collection points had been established, with more becoming available throughout the state.
Emergency relief centres have also been set up close to Rochester, Carisbrook, Seymour, Wedderburn and Maryborough.
Fire Rescue Victoria firefighters responded to a weather-related incident in Greensborough on Friday, after broken and low hanging powerlines impacted about 50 homes.
Anglers Tavern, on the banks of Melbourne's Maribyrnong River, was partially submerged following the unprecedented overnight rain.
"At this stage we don't have access to it," a spokeswoman said.
"Obviously there has been flood damage to the venue and we'll assess that once we have access - hopefully tomorrow depending on the weather."
Opposition leader Matthew Guy has called on the government to declare a state of emergency.
The SES said the areas most under threat on Friday morning included Maribyrnong, Carisbrook, Seymour and Rochester.
The Campaspe River was slated to peak in the afternoon.
Prime Minister Anthony Albanese has spoken to the premier about using the Mickleham quarantine facility as emergency accommodation a week after it was officially closed.Residents along the Campaspe from Lake Eppalock to Barnadown have also been advised to get to higher ground, while an emergency warning has been issued for Seven Creeks to Euroa.
There have been traffic delays across Victoria due to road closures.
V/Line trains and replacement buses were cancelled on the Shepparton, Seymour, Albury, Echuca and Swan Hill lines.
The town of Seymour faced its highest flood level since 1974.
Authorities also expect Shepparton to experience its worst flood in almost three decades on Saturday afternoon.
