The municipality is situated around the Hardangerfjord's northeastern arms: the Osa Fjord and Ulvikafjorden, extending far into the Hardangervidda plateau. The northernmost part of the Hardangerjøkulen glacier is in Ulvik. The Finse and Hallingskeid areas lie just south of the Hallingskarvet National Park which partially sits inside Ulvik and includes the Hallingskarvet mountains. The municipality of Ulvik borders the municipalities of Eidfjord, Ullensvang, Voss, Aurland, and Hol. Lakes in the region include Finsevatnet and Flakavatnet. The headwaters of the Flåmselvi river also lie in Ulvik.