Paradise Valley is a major river valley of the Yellowstone River in Southwestern Montana just north of Yellowstone National Park in Park County.

US Highway 89 passes through the valley and into Yellowstone National Park.

The Yellowstone River flows through the valley and is noted for world-class fly fishing in the river and nearby spring creeks such as DePuy Spring Creek.

Mount Cowen is the largest peak near the valley, at 11,212 feet (3,417 m) in elevation.

It is located in the southern portion of the valley on the eastern side of the river within the Absaroka mountain range.