The park was reserved on 1 July 2010 under the National Parks Estate (Riverina Red Gum Reservations) Act 2010.
Before reservation, Euston Regional Park was Euston State Forest dedicated in 1959 for the purposes of timber production and other permitted uses including beekeeping, grazing and sand quarrying. The Riverina Bioregion Regional Forest Assessment for River Red Gums and Woodland Forest, conducted by the Natural Resources Commission in 2009 (NRC 2009), recommended the area be managed for conservation and recreation.
Land use surrounding the park is primarily pastoral, with a mix of recreation, tourism, conservation and urban settlement associated with the township of Euston. The park is bounded by the Murray River to the east, Euston town common to the north and Western Lands leases on the western and southern boundaries. A narrow corridor of Crown land (a waterway reserve) lies between the park and the Murray River. Directly across the Murray River from Euston Regional Park is Gadsen Bend Park, managed by Parks Victoria.