Toxaway Lake is an alpine lake in the western United States, in Custer County, Idaho.

Located high in the Sawtooth Mountains in the Sawtooth National Recreation Area, it is approximately 17 miles (27 km) south of Stanley.

The lake's surface elevation is 8,323 ft (2,537 m) above sea level.

These trailheads can be accessed from State Highway 75 via Sawtooth National Forest road 208.

Campfires in this section of the Sawtooth Wilderness are prohibited due to heavy use and limited firewood.