Woodside was connected to Port Albert from June 22, 1923 to May 25, 1953 with a railway line. The place was named for Woodside Petroleum , one of the largest Australian oil companies, which opened its first oil well there.
Near Woodside, at 38 ° 28 '52.42 "south latitude and 146 ° 56' 7.06" east longitude, there is a long-wave transmitter with a 432 meter high transmission mast, which is currently the tallest structure in the southern hemisphere. This transmission mast was used for the OMEGA navigation system until 1997 and is now used as a transmitter for transmitting messages to submarines.