The Swan Bay is a shallow, 30-square-kilometre (12 sq mi) marine embayment at the eastern end of the Bellarine Peninsula in Port Phillip, Victoria, Australia.

These include salt marsh, intertidal mudflats and vast seagrass beds on which, almost everything living in the bay relies on for food.

Although much of the surrounding land is farmland, some remnant woodland survives in the adjoining Edwards Point Nature Reserve and Swan Bay itself.

Recreation in the bay mainly revolves around sightseeing activities such as sea kayaking, scuba diving, bird watching and various wildlife tours.

According to one legend his ship was boarded by a British man-of-war after Bonito exited Port Phillip after hiding a treasure in Swan Bay, apparently the so-called "Lost Loot of Lima", sometime in 1821.