The former Garvoc railway station site is of archaeological significance as the potential remains at this site could provide information on the nature of, and activities that took place, at the railway station complex.
The station is of historical significance as this site relates to the history of the Warrnambool railway line (South West line) and its association with the expansion of the railway network in Victoria.
The former Garvoc railway station site is assessed as having archaeological value in a local context under the 'linking Victorians by rail' framework in Victoria's Framework of Historical Themes. The former Garvoc railway station site thus meets the Threshold B (place history).