Elkwater is an unincorporated community at the western edge of the Cypress Hills in southeastern Alberta, Canada, 65 kilometres (40 mi) southeast of Medicine Hat.

The former hamlet is located within Cypress Hills Interprovincial Park on the southern shore of Elkwater Lake and consists mostly of a collection of cabins.

Forests of lodgepole pine, white spruce, and aspen cover the north-facing slopes above the town.

Elkwater also has bed-and-breakfast and other accommodations at the Bar-Zee Bed & Breakfast, located north of the park.

Services and facilities include a convenience store, gas station, cafe, restaurant, visitor centre, ski hill, 9-hole golf course and a marina.