Average breed heights for a fully-grown Falabella today are between 71 and 86 cm (28 and 34 in). The breed is proportioned similarly to horses, other than in size. They are similar to Thoroughbreds or Arabs in their conformation, with a sleek coat and a slim frame. The Falabella’s body is small and compact. The breed also inherited some cob-like features from pony bloodlines, including sturdy bone, and a thicker hair coat, particularly the mane, tail and around the fetlocks. The head may be slightly larger and the neck is often stouter by comparison with a normal-sized horse, but overall, the animal is not unusually or abnormally proportioned.

Bay (or a variant of bay, called “brown”) and black are the most common colors, but there are also pintos, palominos and other spotting patterns found. Black or red leopard-spotted Falabellas (resembling, but not the same as the Appaloosa horse breed) also exist, but are not common.

Falabella foals are very small, standing around 30 to 56 cm (12 to 22 in) tall at birth, and maturing to their adult height by the age of three. They generally stand between 76 and 86 cm (30 and 34 in) tall when fully mature. They are considered very hardy and consistently pass on size, conformation and temperament.