Watsonia marginata is a species of flowering plant in the family Iridaceae known by the common name fragrant bugle-lily.

It is native to the Cape Provinces of South Africa, but it is well known as an ornamental plant grown in gardens for its showy spikes of flowers.

Each corm produces three or four erect leaves that measure up to 80 cm long by 5 wide.

The inflorescence is a dense spike of 30 to 50 flowers which may be any shade of pink or sometimes dark red or white.

The flower is actinomorphic, or radially symmetrical, unlike those of other Watsonia, which are zygomorphic.