Laurel is a city in Yellowstone County, Montana, United States. It is the third largest community in the Billings Metropolitan Statistical Area, and is located in the Yellowstone Valley, as an east–west terminal division point of the BNSF Railway. The population was 7,222 at the 2020 census. Laurel is home to a Cenex Harvest States oil refinery and BNSF's Laurel Yard, the largest rail yard between St. Paul, Minnesota and Pasco, Washington.