Built specifically to coincide with the 100-year Anzac celebration, the memorial was made possible thanks to numerous community members and groups offering donations and volunteering their time.

Colo Vale Community Association president John Stead said the community involvement was key to the completion of the project.

"We've probably raised more than $12,000 and have had so many donations and people offer their time."

The war memorial will honour the contributions of Colo Vale locals to WWI, WWII and the Vietnam War and will set down the names, units and theatres of service for 56 people who were either born in Colo Vale or hail from the small village.

Colo Vale Community Association president John Stead said to have more than 50 people serve from one small community was "amazing".

"There are 56 people we've identified that served - most of them were in the army but the memorial will also include three people from the air force, two people from the navy, one lady from the Australian Women's Army Service and two Vietnam veterans."

Rather than listing each person's name on a wall-mounted plaque, this memorial will use engraved pavers to commemorate those who served, by listing each person's name on an individual paver.

"We've had them specially engraved down in Victoria with each person's name, what unit they served in and their theatre of service - so whether they were in the army or the navy or so on," Mr Stead said.

"That way if more people come forward and let us know about family or community members who have served, we can look into it and can easily expand the memorial."

"As far as we're aware, we're the only community in the area that has built a memorial specifically for the 100 year Anzac birthday this year."

"The community has been so willing to give and support this, that's been fantastic to see."