Bonnells Bay is a suburb of the City of Lake Macquarie in New South Wales, Australia on a peninsula east of the town of Morisset on the western side of Lake Macquarie.

The Bonnell family owned what is today all of Woods Point, now a national park and parts of the northern grounds of Morisset Hospital over north to the Lake Macquarie foreshore of what is now Bonnells Bay.

The area was subdivided in 1886, but no township was established until after World War II.

The township grew, and a small shopping centre built, after the development of the Eraring Power Station in the 1980s.

Bonnells Bay has grown considerably since World War II, the school which opened in 1912, Bonnells Bay Public School has grown to capacity, large proportions of the suburb are increasingly being subdivided and the shopping centre now consists of a newly developed 'The Bay Shopping Centre' with a Club, Coles, Post office and many convenience stores.