His parents Tim and Rachel were reunited with Luke as he was put into an ambulance in a stretcher, with his mother giving him a kiss.
Luke gave his father Tim a "big thumbs up" when they saw each other, the family said.
"When the rescue team found him, he was in high spirits and was walked out of the bush on his own two feet," they said in a statement.
"The family are very happy to be reunited."
Luke is suffering from dehydration and hypothermia and has been driven to Alexandra Hospital to undergo further medical assessments in the company of his parents.
Acting Commander Rick Nugent said: "He's a lucky boy, he's a strong boy, and we are so rapt for the family and we are so thankful for the support."
Police said he was found 3km from where he first went missing but he could have walked much further in the days he was missing.
"Police would like to thank all those involved in the search over the past few days and appreciate the immense amount of community support," a spokeswoman said in a statement.
On Monday a beanie believed to have belonged to Luke was found west of the campsite.
Police and other emergency crews scoured the thick bushland areas around Lake Eildon for days.
On Sunday, search co-ordinator Acting Senior Sergeant Andrew Walker said Luke had a "very high pain tolerance", a factor that would work in his favour.
"Hence the reason why we're out searching. We're still hopeful that we can find him," Mr Walker said.
The 11-year-old, who is autistic, was reportedly seen walking near the Devils River on Sunday, four kilometres south of his campsite where he went missing from.
Search crews rushed to the location and police said they believed the young boy was still alive.
A Victorian Police spokeswoman told AAP late on Sunday a family saw a young boy matching Luke's description while they were driving in the Devils River vicinity.
A renewed sense of urgency gripped the search efforts for the 11-year-old as temperatures dropped as low as eight degrees Celsius in the area.
"The advice I'm getting from our search and rescue experts having regard to the overnight temperatures and the daytime temperatures is that he could well still be out there," Mr Walker said on Sunday.
"We've got to be realists but we're positive, the family's positive."
But Luke may not have even known he was lost and was known to frequently hide, according to his family.
He was last seen leaving Candlebark Campground in Fraser National Park near Lake Eildon at 9.30am on Good Friday.
Campers helped rescue teams including the air wing, dog squad, local police and SES volunteers in the search of thick bushland.
Police said Luke would have been able to stay reasonably warm as he was last seen wearing a warm jacket.
- Daily Mail
