Happy Valley (Dena'ina: Shtuhtałent) is a census-designated place (CDP) in Kenai Peninsula Borough, Alaska, United States.

[3] It is bordered to the north by Ninilchik, to the south by Anchor Point and Nikolaevsk, and to the west by Cook Inlet.

Alaska Route 1 (Sterling Highway) runs through the CDP close to the shore of Cook Inlet; it leads north 47 miles (76 km) to Soldotna and south 27 miles (43 km) to Homer.

According to the United States Census Bureau, the Happy Valley CDP has a total area of 88.2 square miles (228.4 km2), of which 1.9 acres (7,802 m2), or 0.003%, are water.

[2] Happy Valley first appeared on the 1990 U.S. Census as a census-designated place (CDP).