The 1998 Budapest Lotto Open was a women's tennis tournament played on outdoor clay courts in Budapest, Hungary that was part of the Tier IV category of the 1998 WTA Tour.

It was the third edition of the tournament and was held from 20 April until 26 April 1998.

Seventh-seeded Virginia Ruano Pascual won the singles title and earned $17,700 first-prize money.

Virginia Ruano Pascual defeated Silvia Farina 6–4, 4–6, 6–3 Virginia Ruano Pascual / Paola Suárez defeated Cătălina Cristea / Laura Montalvo 4–6, 6–1, 6–1