Waterloo Lily is the fourth album by Caravan, released in 1972 on the Deram label.

The album cover is detail from "The Tavern Scene" from A Rake's Progress by William Hogarth.

Miller brought a more jazz-focused sound to the album than had been heard on the previous album[1] through his stylings on the Wurlitzer piano rather than the Hammond organ favored by previous keyboardist Dave Sinclair.

Soon after Waterloo Lily, Richard Sinclair and Steve Miller left Caravan to play with Phil Miller and Coxhill in a re-formed Delivery, which led to the formation the band Hatfield and the North.

All compositions by Coughlan, Hastings, Sinclair except "It's Coming Soon" and "Songs and Signs" by Miller.