Down by the Water is a song on the American indie rock band The Decemberists' sixth album, The King is Dead.

"Down By the Water" includes Peter Buck and singer-songwriter Gillian Welch, who contribute 12-string guitar and vocal harmonies, respectively.

[1] It also features accordion riffs and heavy harmonica reminiscent of Neil Young;[2] particularly the song "Heart of Gold".

Meloy has said that The King Is Dead is more straightforward and heavily influenced by R.E.M.,[6] and "Down By the Water" is a prime example.

[4] Though "Down By the Water" has been called "catchy" and radio-friendly, it is also said to lack the quality of prose found on earlier Decemberists' work.