Victoria Police has confirmed that the body of 14-year-old William Wall has been located at Yarra Junction, east of Melbourne.
A statement said William's death was not being treated as suspicious and police would prepare a report for the coroner.
"Police would like to thank the media and all those involved in the search," the statement said.
William, who had high-functioning autism, left his home at Launching Place about 6:45am on Tuesday for his regular walk on the Warburton Trail.
He told his family he would be back in 15 minutes.
Police launched an air and ground search with more than 100 police and support officers when William did not return.
Yarra Junction is about 2 kilometres east of Launching Place in the Yarra Valley.
Dozens of people, mostly local residents, showed up to search for William this morning.
However, police said they had enough resources for the job and asked the volunteers to spread the word on social media instead.
At a media conference this morning William's father, Shane Wall, thanked everyone involved in the search.
"I've been in the Valley for a long time but this has just blown me away, the support from local people, the Facebook community, the noticeboards and all that," Mr Wall said.
