Smith Valley is a census-designated place (CDP) in Lyon County, Nevada, United States.

Nevada State Route 208 passes through the valley, leading northeast 23 miles (37 km) to Yerington, the Lyon county seat, and west 15 miles (24 km) to U.S. Route 395 north of Topaz Lake.

The northern part of the valley is an endorheic basin, with Artesia Lake occupying the lowest area.

Smith Valley is named for American fur trapper and explorer Jedediah Smith, who crossed the area in spring 1827, after crossing the Sierra Nevada at Ebbetts Pass on his way to the 1827 fur trade rendezvous.

Wovoka, also known as Jack Wilson, a Northern Paiute religious leader who founded the Ghost Dance movement of 1890, was born and raised in Smith Valley.

[8] In 2015, the Nevada Department of Water Resources issues Order 1267, limiting the use of supplemental groundwater in Smith and Mason Valleys.

[8] During the same time period, the Walker River through Smith Valley has significantly declined in stream efficiency, suggesting that groundwater pumping is leading to more river water leaving the channel to the groundwater table each year.