During the day, the solitary tasselled wobbegong can generally be found lying inside caves or under ledges with its tail curled. Individual sharks tend to remain within a local area and have favored resting spots. While resting, it opportunistically ambushes nearby fishes and invertebrates, and also lures in prey by waving its tail to mimic the appearance of a small fish. At night, it emerges and actively forages for food. This species is aplacental viviparous, though little is known of its life history.