Acacia euthycarpa is a shrub or small tree species that is endemic to southern Australia. It shares its common names of wallowa or reed-leaf wattle with a similar species Acacia calamifolia. It usually grows as a shrub to between 2 and 4 metres high, but certain forms may be small trees up to 10 metres high.

Flowers between August and November. Grows in scrub, woodland or open woodland, sometimes on rocky sites.