The Panorama Trail is a marked hiking trail in Yosemite National Park that descends along the south wall of Yosemite Valley from Glacier Point, past several major waterfalls, to Happy Isles.

The trail derives its name from the panoramic vistas visible along the route, most notably Panorama Point.

The trail follows the south wall of Yosemite Valley east to Illilouette Falls.

The trail then crosses Illilouette Creek and ascends briefly before continuing down toward Nevada Fall.

There is no regular shuttle bus service from Glacier Point down to Yosemite Valley.