SM Delgado is a shopping mall in downtown Iloilo City, Philippines.

It is located within Iloilo City Proper's commercial district along Delgado and Valeria Streets.

It is the fourth SM Store built by Henry Sy Sr. and the first branch opened outside Metro Manila.

The original edifice was demolished on February 2, 2004, and a new building was built on the same vicinity that was opened to the public on December 8, 2004.

In 2007, an annex building was added to complete the shopping center's redevelopment.