Duncan Campbell, 58, was last seen at Coffs Harbour on the NSW north coast on February 4 last year and was reported missing a few days later.
Eight days after his disappearance, his decomposing body was found in bushland on the city's outskirts near a campsite where he was living.
On Tuesday, authorities announced a $500,000 reward for information to help solve the murder.
NSW Police have now charged a 66-year-old Coffs Harbour man with his murder.
He will appear at Coffs Harbour Local Court on Thursday.
Police will allege in court that the man bludgeoned Mr Campbell to death with a steel pole between February 4-5, 2024.
The death was initially deemed as not suspicious, but further medical evidence showed Duncan was the victim of a "savage and brutal" attack.
Speaking before the man charged, Homicide Squad commander Danny Doherty said police were keen to find answers for the father and grandfather's loved ones.
"This was really an atrocious act of cruelty, but more than that this was a savage murder," he told reporters on Tuesday when the reward was announced.
Mr Campbell was a "decent man" who was beloved by his family but had fallen on hard times, leading to him becoming homeless.
"This is a vulnerable man who wouldn't hurt a fly, who's found himself in really unfortunate circumstances," Detective Superintendent Doherty added.
Mr Campbell's daughter Brittany expressed her grief at her father's loss.
"Living without dad and without knowing what happened to him, has been incredibly painful for my siblings and myself," she said on Tuesday.
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