Waterville is a town in Pepin County, Wisconsin, United States.

The unincorporated community of Arkansaw is located within the eastern portion of the town.

There were 351 housing units at an average density of 9.8 per square mile (3.8/km2).

Waterville had the highest percentage of people reporting Austrian ancestry in 2000 with 12.1% of its population.

25.7% of all households were made up of individuals, and 12.7% had someone living alone who was 65 years of age or older.