The ridge of the Great Dividing Range passes through Caldervale and creates a drainage divide. The north and south of the locality are within the Warrego River drainage basin which becomes part of the Murray-Darling basin which enters the Southern Ocean at Lake Alexandrina in South Australia. The west of the locality is within the Cooper Creek drainage basin which ultimately ends at Lake Eyre. The east of the locality is within the Fitzroy River drainage basin which flows into the Coral Sea south of Rockhampton. The Pluto Timber Reserve is in the east of the locality.