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The park is located in the northern, the highest part of the Valdai Hills. The area of the park is divided between three districts of Novgorod Oblast, with 12% located in Okulovsky District, 62% in Valdaysky District, and 26% in Demyansky District. The landscapes of the park were formed during the ice age and are characteristic for glacial landscape forms. In particular, the park contains 76 lakes of various origin. The biggest lakes are Lake Seliger (only a small portion of it lies within the park limits), Lake Valdayskoye, Lake Velyo, Lake Uzhin, and Lake Borovno. The park belongs to the river basins of the Pola, the Msta and the Volga. The Valdayka River, a tributary of the Berezayka River, originates from Lake Uzhin, and the Polomet River, a tributary of the Pola River, also has its source inside the park.