Luke Shambrook, went missing from the Candlebark Campground in the Fraser National Park, north-east of Melbourne was spotted from a police helicopter.
The boy was carried out of the forest on a stretcher and reunited with his family before being taken to a local hospital for an initial health check where he is being treated for dehydration and hypothermia.
"Luke is fantastic for what he's been through, suffering exhaustion of course, dehydrated and some hypothermia, but from where he's been - four nights and four days in the bush - he's really in remarkable condition," Acting Commander Rick Nugent from Victoria Police was quoted as saying by ABC news.
"Everyone is overwhelmed by the news ... The longer it went the more challenging it was going to be for us. To find him safe and well ... Is just wonderful news," said Nugent.
"We're very thankful to live in a society that puts a lot of effort into finding children who go missing. We're very happy that Luke's been found alive and well even after such a long time," Luke's uncle Peter Roberts said.