Owens Valley is the arid ranching valley of the Owens River in southeastern California in the United States. The valley is approximately long, trending north-south, and is bounded by the Sierra Nevada on the west and the Inyo and White Mountains on the east. The mountains on either side (including Mount Whitney) reach above in elevation, while the floor of the Owens Valley is at , making the valley one of the deepest in the United States. The bed of Owens Lake, now a dry alkali flat, sits on the southern end of the valley. The valley provides water to the Los Angeles Aqueduct, the source of one-third the water for Los Angeles, and is infamous as the scene of one of the fiercest and longest running episodes of the California Water Wars.

Historical events in Owens Valley inspired aspects of the film Chinatown.

The Owens Valley stretches from Haiwee Reservoir in the south to the Sherwin Summit in the north (just north of the town of Bishop). Other towns in the Owens Valley include Lone Pine, Independence and Big Pine. The major road in the valley is U.S. Highway 395.