Margaret of Austria (c. 1416 – 12 February 1486), a member of the House of Habsburg, was Electress consort of Saxony from 1431 until 1464 by her marriage with the Wettin elector Frederick II.

Born in Innsbruck, Margaret was the eldest daughter of the Inner Austrian duke Ernest the Iron (1377–1424) and his second wife, the Piast princess Cymburgis of Masovia (1394/97–1429).

Margaret evolved plans to marry her first-born son Frederick to Elizabeth of Austria, daughter of her cousin King Albert II of Germany; however, the twelve-year-old boy died in 1451.

In the Saxon Fratricidal War over the 1445 Division of Altenburg, she helped to reconcile her husband with his rebellious brother, Landgrave William III of Thuringia.

In the night of 7/8 July 1455, her two minor sons Ernest and Albert were abducted from the castle of Altenburg by henchmen of the Saxon noble Kunz von Kaufungen, a former knight in the service of Elector Frederick II, who aimed to extort compensation for the losses that he suffered in the Fratricidal War.