Quarry Hill Primary School teacher Craig Harrop said that his students had been looking forward to the visit all day.
"It's good for their general knowledge and good for a bit of Australian history as well, in terms of them knowing who won the cup," he said.
"Being able to see a thoroughbred racehorse up close is an opportunity that not many people get, really."
Bethlehem Aged Care lifestyle and volunteer co-ordinator Jenny Water said residents had the chance to hold the Melbourne Cup and meet racehorse Subzero.
"They had a really great time," she said.
"They all waited patiently to hold the cup.
"They were absolutely thrilled to see the horse, especially because it was inside."
Ms Waters said there was lots of smiles.
"We have a few horse racing enthusiasts here," she said.
"One of our ladies was a member at Flemington."
THE Bendigo leg of the Melbourne Cup tour is underway.
The visit is part of a 15-week journey across Australia and New Zealand in the lead up to the Melbourne Cup Carnival later in the year.
Melbourne Cup 1992 winning racehorse Subzero is accompanying the cup.
This morning the cup and horse dropped into Bethlehem Aged Care.
It is now at Quarry Hill Primary School and will visit Carshalton House Hostel later this afternoon.
The public will be able to view the cup at the Bendigo RSL from 6pm today.