The small terrier was stuck at the bottom of an in-ground concrete tank about six metres deep and 3-4 metres in diameter.
The top of the tank was open and there was water at the bottom.
The dog was rescued as part of a joint effort by CFA members and the local dog animal welfare worker using a dog harness to hoist the dog to safety.
Six CFA vehicles from Hamilton, North Hamilton and Warrnambool brigades were on scene.
The dog was rescued at 12.37pm and is in good health.