| Water Valley | |
| Settlement Type: | Unincorporated community |
| Pushpin Map: | Canada Alberta |
| Pushpin Mapsize: | 220 |
| Coordinates: | 51.5039°N -114.6109°W |
| Subdivision Type: | Country |
| Subdivision Type1: | Province |
| Subdivision Type2: | Region |
| Subdivision Name2: | Southern Alberta |
| Subdivision Type3: | Census division |
| Subdivision Name3: | 6 |
| Subdivision Type4: | Municipal district |
| Postal Code Type: | Postal code |
| Postal Code: | T0M 2E0 |
| Blank Name: | Highways |
| Blank Info: | Highway 579 |
Water Valley is an unincorporated community within Mountain View County, Alberta, Canada. Situated amongst the foothills of the Canadian Rockies, Water Valley is approximately from the City of Calgary, along Highway 579 west of Highway 22 (Cowboy Trail). Water Valley boasts a small, but thriving commercial sector, along with a number of permanent residents, and is situated close to Winchell Lake, the Little Red Deer River and the Water Valley Golf Course.
Water Valley is also included within the Water Valley / Winchell Lake Rural Neighbourhood of Mountain View County.