Potshot Lake is an unorganized territory in Saint Louis County, Minnesota, United States, located near Floodwood.
At the 2000 United States census there were 73 people, 25 households, and 17 families living in the unorganized territory.
There were 36 housing units at an average density of 1.0 per square mile (0.39/km2).
The racial makeup of the unorganized territory was 95.89% White, 1.37% Native American, 1.37% Asian, and 1.37% from two or more races.
There were 4.5% of families and 4.3% of the population living below the poverty line, including 3.3% of under eighteens and 14.3% of those over 64.