The main attraction of Lipica is the stud farm, where world renowned Lipizzan horses are bred. The stud farm was established by Archduke Charles in 1580. The equestrian-tourist centre Lipica is surrounded by large grassland, a stud farm, a covered riding stable and a golf course.

A few hundred metres from the stud farm lies the Valley of Our Lady of Lourdes. It is a small karstic valley (or rather a depression) turned into an outdoor church. The main altar of this church is a chapel with the sculpture of the Our Lady of Lourdes in its niche. The history of the Valley is tied to Karl Grünne, who was the manager of the stud farm during 1848-1875. When suffering from tuberculosis he vowed to build an altar in honour of the Virgin Mary, should he recover. A plaque with the inscription »In memoriam Carolus Grünne 1848-1875« is placed by the chapel to his memory. The original sculpture of Mary was erected on May 1, 1892, by chaplain Edmond Legat. Up to WWII, people, in particular the people of Trieste and the locals, were pilgrimaging in mass to the Valley of Our Lady, which was also renowned for miraculous recoveries.

There are several karstic caves in the area surrounding Lipica, the most famous of which is the 1300 metres long Vilenica Cave, which is probably the oldest cave open for tourists in the world, since guided tours have been organized since 1633.