The Kozjak stream, one of the tributaries of the Soča River springs from under Mount Krnčica and runs through many chutes and drops over six waterfalls; only two of which are accessible to visitors. The lower chute is where Kozjak Waterfall was formed. Falling15m into the blue-green pool below, the cascading water reflects against the dimness of the hollowed out hall the fall has created.

The waterfall is easily accessible from the Kobarid - Drežnica road. There is a turn-off to the falls just after the intersection near the Napoleon Bridge.