More than $2 million could be up for grabs in the competition, which will run for 12 months, starting in the coming months.
The first 10 tagged fish caught will earn the lucky fisher a $10,000 cheque, with tagged fish caught beyond that to be awarded a $2000 cash prize.
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Up to 1000 fish will be tagged, including black bream, dusky flathead and King George whiting in East Gippsland.
While in the northeast Murray cod, brown trout and rainbow trout will be tagged.
"An incentive like this will attract anglers across the country and provide a major boost to business along the way."
The Victorian Fisheries Authority (VFA) who will manage the competition, have already begun tagging the fish.
A start date will be released shortly.