The Yellowstone river has two waterfalls, the Upper and the Lower, and they both are places of utmost scenic beauty.
The Yellowstone river which starts from the Yellowstone lake, falls first at the Upper Yellowstone Falls and then into the Grand Canyon of Yellowstone after the Lower Yellowstone Falls. Of the two falls, the Lower waterfall is much more scenic and popular among tourists, since it falls from a much greater height (94 metres as compared to the Upper waterfall's 33 metres), making for a much grander scenery. The Lower falls are actually the largest falls in the Rocky Mountains. You can view the falls from several vantage points, a few trails leading down to the foot of the falls, and some points can be accessed via the Grand Loop road.