Valeriy Nikolaevich Khubulov (Russian: Валерий Николаевич Хубулов; Ossetian: Хуыбылты Никъалайы фырт Валерий; 6 November 1966 – 31 May 1998) was a South Ossetian politician, who was minister of defense and acting prime minister in 1996.

He was trained as a high school teacher at Tskhinvali University, specializing in physics and mathematics.

[2] Khubulov was an active participant in the 1991–1992 South Ossetia War, leading and coordinating various resistance groups against the Georgian invasion.

He also fought in the War in Abkhazia (1992–1993), leading a South Ossetian unit fighting on the Abkhazian side, for which he was awarded the Order of Leon by president Vladislav Ardzinba.

Later, police found his car blown up in the yard of a neighbouring school, but the murderers were never caught.