Målselv was settled by farmers from southern Norway, especially Østerdalen from 1788 and onwards. They were attracted by the vast forests and areas of fertile land in the broad Målselvdalen. The valley and municipality take their name from the river Målselva. The river is well known for its salmon, and forms the Målselv waterfall (), which has been selected as Norway's national waterfall. The Målselva empties into the Malangen fjord north of Olsborg. There are several mountains in the municipality: Njunis () is the highest and Istind is popular among hikers. There are many lakes such as Andsvatnet, Finnfjordvatnet, Rostojávri, Lille Rostavatn, and Takvatnet. One of the rarest orchids in Europe, Lysiella oligantha (), is found in Målselv. Øvre Dividal National Park () is located in the easternmost part of Målselv, near the border with Sweden.