Ghost Lake is a reservoir in Western Alberta, Canada, formed along the Bow River.

It was formed in 1929 with the completion of the Ghost Dam, and was developed on land leased from the Nakoda first nations by Calgary Power Ltd.

Large fluctuations in water level due to power generation affect the recreational opportunities and biological productivity of the lake.

The volume of water being released from the lake and the variance thereof also affect the Bow River downstream of the dam.

The location brings consistent, strong winds, which make the lake suitable for sailing and iceboating.