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Watched over by the Liberty Cap, it makes up the upper step of the Giant Stairway. Like Vernal Fall further downstream, it's part of the Merced River drainage so it flows year round.
Julie and I have visited this waterfall several times, and not all of the visits were on the same trail or vantage points. Given its position higher up on the Giant Stairway, you can see this cataract from a handful of vantage points in addition to hiking to it. Allow me to break down the various ways we've seen this waterfall.
Hiking to Nevada Falls: The most straightforward way of visiting the waterfall is by hiking up from the Happy Isles trailhead (signpost V24). You can get here from Curry Village (usually no private vehicles can be driven here) via shuttle or by foot. It's about a mile extra to traverse this distance. Of course, if you're staying at the Upper Pines Campground, then it's just a quick shortcut to get across to the trailhead.
As for the rewarding hike itself, you're looking at about 6 miles round trip if you do it as a loop going up the Mist Trail and down the John Muir Trail. The first couple of miles is devoted to getting up and beyond Vernal Fall (which is well-described on that page).
But beyond the brink of the waterfall, you'll be passing along the Silver Apron and Emerald Pool section of the Merced River. In Summer, the waterflow won't be as violent as I'd imagine those sections of the river are accessible, but don't even think about getting close to the water in Spring! Soon, you'll reach another footbridge crossing over the river to continue on the Mist Trail. You could alternately go up a connecting trail to hook up with the John Muir Trail near Clark Point. But we usually go up the Mist Trail so let's continue the description that way.
Crossing over the footbridge, you can start to see the upper parts of the waterfall. The trail continues taking a breather from the climbing, but it doesn't last long because soon you'll encounter another series of granite steps. At least this climb is dry. There's also an unmarked detour leading you to a pretty frontal view of Nevada Falls, but just be careful not to get too far out onto the rocky outcrop because a fall here brings you right into the turbulent river. The photo taken at the top of this page was from this spot.
As you go up the granite steps, you can get more close-up profile views of the waterfall. This section of stairs can be tiring, but I think you'll be stopping often enough due to distraction. But once you get to the top of the climb (I think there are restrooms there), turn right (left goes to Half Dome and Little Yosemite Valley Backpacker Campground). Instead of making it all the way to the footbridge, look for an unmarked and easy-to-miss path that descends the granite and reaches a viewpoint with railings right by the brink of Nevada Falls.
It's at this vantage point that you can appreciate why the Native Americans called this waterfall "Yo-wy-we" which translates into something like "wormy." After all from here, you can literally see the water behave like a slinky on steroids as the water pumps out of its granite chute and onto the granite slide further below.
Crossing over the footbridge atop Nevada Falls, the trail then curls around and descends along the so-called Panorama Cliffs where you can get that gorgeous view of both the waterfall and the Liberty Cap rock formation juxtaposed together.
Beyond the Panorama Cliffs, the trail continues descending on the John Muir Trail, which is actually about a mile longer than the Mist Trail, but its quieter and gentler on your knees.
Glacier Point, Washburn Point, and Sentinel Dome: You can definitely see this waterfall from Glacier Point, which is at the end of the Glacier Point Road (signpost G11). But perhaps Washburn Point at signpost G10 on the Glacier Point Road is the best spot to see this and Vernal Fall together. And if you're up for a quieter spot to take in this waterfall as well as ther mindblowing views of Yosemite Valley and the backcountry looking towards the Clark Range, then you should hike up to the summit of Sentinel Dome, which is about a mile's hike from the trailhead at signpost G8 along Glacier Point Road.
Moreover, you can hike from Glacier Point along the Panorama Trail to get additional views and angles of this waterfall in addition to the backside of Half Dome.
We've got lots more photos of Nevada Falls, which you can see below.
The fall and the Liberty Cap seen over burned trees along the Panorama Trail
Half Dome, Liberty Cap, and Nevada Falls from the Panorama Trail
View of the falls partially blocked by trees from the Mist Trail
Ascending the Mist Trail alongside the waterfall
Profile of the waterfall (taken recently in June 2011)
The profile of the waterfall from the Mist Trail (as seen back in 2002)
Looking down at the steepness of the Mist Trail
Looking down at the little people on the Mist Trail
The brink of Nevada Fall (as seen in June 2002)
The viewing area for the brink of Nevada Fall
Looking downstream from the footbridge above the falls
Sometimes the John Muir Trail can experience flooding during the late Spring early Summer snowmelt period
It can get wet at the Panorama Cliffs, but better that than getting nailed on the head with icicles, which is why they close off this section during the Winter and early Spring
A more recent (June 2011) look at the Liberty Cap Nevada Falls combo
A more recent (June 2011) look at the context of the Panorama Cliffs (from left to right: Half Dome, Liberty Cap, Nevada Falls)
View of the falls from the trail junction where the Winter Route forks from the All-season Route
Stock on the John Muir Trail
The Giant Stairway seen from Washburn Point (taken back in 2004)
Direct view of the falls from a viewpoint along the Mist Trail. Notice some companion waterfalls due to the high snowpack.
L-shaped sweep from the Mist Trail ending at the top of the falls
Fixated on the falls from its brink. I can see why the Native Americans associated this falls with a worm (yo-wy-we), because the plume does remind me of a slinky.
Dizzying sweep from the brink of the falls starting down the canyon and ending right at the railing next to the falls
Left to right sweep from the Nevada Falls footbridge
Left to right sweep looking down at the trees before looking at both the falls and the imposing rock formation
Contextual right to left sweep starting at the John Muir Trail and ending at the Liberty Cap/Nevada Falls combo
Sweep of the eastern side of the Glacier Point panorama showing Vernal and Nevada Falls as part of the sweep as well as Half Dome and Mt Starr King
Looking downstream from atop the footbridge just upstream from the brink of Nevada Falls
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