Round Spring was extensively used by native peoples in prehistory, and was the site of an early 1800's gristmill. About a mile downstream was the original location of Eminence, Missouri, which was destroyed during the Civil War. The spring was located on the Eminence to Salem wagon road. Round Spring was the first site purchased for the state park system in 1924; nearby Round Spring Caverns was opened privately to tourists in 1932. Both the park and the caverns were incorporated into the Ozark National Scenic Riverways by 1972.
Spring rises in a circular, collapsed cavern, then flows through a natural tunnel before forming the spring branch. Round has the largest variance in measured flow from a minimum of 6.5 million gallons of water a day (mgd) to a record 239 mgd, or a maximum 37 times larger than the minimum. Nearby Round Spring Caverns, has an interesting geographical relationship with the spring, since one arm of the cave points almost directly to the spring.
Some of Round Spring's recharge lies to the southwest over Spring Valley. Rainfall versus springflow patterns seem to indicate another recharge area to the northeast. If this is so, some of Round Spring's flow would have to pass under the Current River to reach the spring.