Pasvalys (pronunciationⓘ) is a city in Panevėžys County, Lithuania, located near the bank of the Svalia River.

In 1557, the Treaty of Pasvalys was signed in the town, which provoked Ivan IV of Russia to start the Livonian War.

Pasvalys has mineral spring waters – in 1923 physician K. Armonas created a small sanatorium.

In August 1941, 1349 Jews from the village and the surroundings were executed by an Einsatzgruppen of Germans and local collaborators as mentioned in the Jäger Report.

Cheese factory owned by company Pieno Žvaigždės is located in the city.