McGaffey is an unincorporated community and census-designated place (CDP) in McKinley County, New Mexico, United States.

[2] The community is in the southern part of the county, at the south end of New Mexico State Road 400, which leads north 11 miles (18 km) to Interstate 40 near Fort Wingate.

[1] McGaffey Lake is a small reservoir in the northeast corner of the CDP.

The lake drains south toward Tampico Draw and the Rio Nutria, a south-flowing tributary of the Rio Pescado and the Zuni River, part of the Little Colorado River watershed.

McGaffey was first listed as a CDP prior to the 2020 census.