Murray Two Dam is a major ungated concrete arch dam with a controlled spillway across Khancoban Bank, a diverted flow of the Snowy and Geehi rivers in the Snowy Mountains region of New South Wales, Australia.

The dam was constructed by a consortium including Thiess and Dillingham Corporation based on engineering plans developed under contract from the Snowy Mountains Hydroelectric Authority.

At 100% capacity the dam wall holds back 2,344 megalitres (82.8×10^6 cu ft) of water.

Murray 1 draws the supply of its water under pressure from an 11.8 kilometres (7.3 mi) Haupt-tunnel, with a diameter of 6.93 metres (22.7 ft), that is fully lined along its length; completed in 1966.

Water from the power plant is discharged into the reservoir, before passing over the spillway of Khancoban Dam, and down the Swampy Plain River.