The Walkabout Creek Hotel, in the small town of McKinlay in the state of Queensland, was made a popular tourist attraction by the film.
But owner Paul Collins says he is looking for a change after 23 years.
In the movie, the Walkabout Creek Hotel is the favourite watering hole for knife-wielding hero Mick "Crocodile" Dundee played by Paul Hogan.
The hotel - built in 1900 - was originally known as the Federal Hotel but later changed its name to that used in the film.
"I've been running it for 23 years, it's time for a change and a break," Mr Collins told AFP news agency.
"It's a different pub, it's in a remote location. It's not everyone's cup of tea," he added.
"But there has been some pretty strong interest to date. It's a good pub."
The pub is packed with memorabilia and photographs from the hit film.
It is a popular stopping-off point for tourists who travel between Brisbane and Darwin.
The Australian outback pub made famous by the 1980s film Crocodile Dundee is up for sale.