Near Sedona, the spring fed Oak Creek is becoming very popular for its trout. While the Oak Creek stretches 42 miles from its headwaters in Oak Creek Canyon just south of Flagstaff down to the Verde River confluence, its the upper stretches just northeast of Sedona which attracts most of the fly fishermen. A good place to start is near the confluence with the West Fork of Oak Creek and work your way down through the pools and riffles. Its an incredibly scenic place to flyfish, with the Navajo red rock formations above the cottonwood treelined river.
Watch out for the powerful spring flows after storms; the river can rise several feet rapidly.
Overall, Oak Creek is the 2nd most popular fly fishing river of all 10 fly fishing spots in Arizona.