The town, of about 230 people, is 1017 metres above sea level, near Lake Eucumbene. It is one of the highest towns in Australia, and snowfalls are not uncommon during winter. The original town, now known simply as Old Adaminaby, was moved to its present site anew in 1957 because of the construction of Lake Eucumbene, as part of the Snowy Mountains Scheme. Because of the status of Lake Eucumbene and the ongoing drought Old Adaminaby has resurfaced.
The current town served as a construction hub during that period. The distinctive "architecture" of the buildings in the main street, defined by cost and engineering requirements of the time, is similar to the main street of Tallangatta, Victoria, which was reconstructed around the same time and for similar purposes. A Snowy Mountains Scheme Museum is planned to be constructed in the town.
The town of Adaminaby is the service centre for the northern snowfield resorts and is a popular base from which to fish on Lake Eucumbene. The town centre features a large sculpture of a trout, standing 10 m high. Commonly known as the Big Trout, it was one of the earliest of Australia's Big Things and in May, 2006, the lake Eucumbene Chamber of Commerce adopted the tourist attraction as a marketing and promotional 'brand'. The Big Trout was built by Andy Lomnici and was restored and repainted by Skins Alive in January, 2007, with funding from the Snowy River Shire Council.
In April, 2007, the site of the original town began to reappear from beneath the lake, due to a severe drought in that region of Australia.
In September, 2007, Adaminaby recognised the 50th anniversary of its move to the new town site. The weekend of remembrance and celebration recognised the physical and emotional trauma exacted by the relocation.