Torrential rain has affected regional and metropolitan areas alike, while authorities warn sodden catchments will mean weeks of flood risk.
Evacuation orders are in place for Skinners Flat in Wedderburn, low-lying parts of Benalla on the Broken River gateway, Murchison along the Goulburn River, southwest of Shepparton, Maribyrnong in Melbourne and the town of Charlton at the foothills of the Great Dividing Range.
Authorities warned a dam failure at the Skinners Flat Reservoir would likely result in three feet of strong, fast-moving waters flowing through the Wedderburn township.
About 70 residents were ordered to leave Maribyrnong in Melbourne.
Authorities earlier also issued an emergency alert for residents of Rochester along the Campaspe River to evacuate immediately.
Many in Rochester have sandbagged their properties and left town but some were staying to protect their businesses, motel owner Meagan Keating said.
Water had covered the railway tracks by Friday afternoon and was up to the door of the local BP service station, she said.
"We're now just watching the water come towards us," Ms Keating said.
"The anxiety is high … (because) as quick as the water is moving, it is a slow process, watching it come."
The SES has responded to more than 2600 requests for help in 24 hours and rescued at least 200 people across the state in two days.
At least one person had been reported missing in central Victoria, SES chief operations officer Tim Wiebusch said.
"We did have a report of a missing person at Newbridge and search and rescue are out there at the moment," he told reporters on Friday.
Complacency was being blamed for the number of rescues.
Premier Daniel Andrews urged people to heed warnings and not drive into floodwaters.
He announced one-off payments of $560 per adult and $280 per child for people displaced by the floods.
About 1500 applications had been made by Friday afternoon.
Emergency relief centres have been set up near flood-affected areas.
Opposition Leader Matthew Guy called on the government to declare a state of emergency, while the Victorian Farmers Federation said the state government should work with the federal government and declare a natural disaster in flood-affected areas.
Prime Minister Anthony Albanese has spoken to the premier about using the $580 million Mickleham quarantine facility as emergency accommodation a week after it was officially closed.
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."
The federal member for the Melbourne seat of Maribyrnong, Bill Shorten, said the situation was devastating in the area he had called home for 30 years.
"The last big floods were in 1974, so for a lot of people this would be a new and devastating experience," Mr Shorten told reporters in Melbourne.
Traffic has been disrupted across the state, regional V/Line trains and replacement buses were cancelled on the Shepparton, Seymour, Albury, Echuca and Swan Hill lines.
The historical town of Seymour, 100km north of Melbourne, is facing its highest flood level since 1974.
Authorities also expect Shepparton in the Goulburn Valley to experience its worst flood in almost three decades on Saturday.