Panola is a village in Woodford County, Illinois, United States.

It is located about 2 miles (3.2 km) north of El Paso, along Illinois Route 251 (next to U.S. 51).

362, as well as several Woodford County history books claim the name Panola was fabricated by J.B. Calhoun, land commissioner of the Illinois Central Railroad, by arbitrarily combining single consonants and vowels.

Because of its aging population and apparent lack of enthusiasm for others to be involved in operation of the local government, in 2004 the village board of Panola attempted to unincorporate the town.

[2] According to the 2010 census, Panola has a total area of 0.2 square miles (0.52 km2), all land.

No households were made up of individuals, and none had someone living alone who was 65 years of age or older.