Shepherd is a census-designated place (CDP) in Yellowstone County, Montana, United States.

Shepherd, a prominent early settler and owner of the Billings Land and Irrigation Company and the Merchants National Bank.

According to the United States Census Bureau, the CDP has a total area of 1.1 square miles (2.8 km2), all land.

The racial makeup of the CDP was 94.30% White, 4.15% Native American, and 1.55% from two or more races.

About 31.0% of families and 28.2% of the population were below the poverty line, including 53.7% of those under the age of eighteen and 50.0% of those 65 or over.