Underbool is a town in the Mallee region of north-west Victoria, Australia.

The town is in the Rural City of Mildura local government area and on the Mallee Highway—between Ouyen and the South Australian border – 476 kilometres (296 mi) north west of the state capital, Melbourne.

For tourists it provides access to the Pink Lakes in Murray-Sunset National Park.

The town name is thought to come from the German word underbolt given to it by surveyor Dr. Neumayer when he camped there in October 1861.

The team merged with Ouyen and play two matches a season in Underbool in the Sunraysia Football League.