Elkwater is an unincorporated community at the western edge of the Cypress Hills in southeastern Alberta, Canada, 65 kilometres southeast of Medicine Hat. The main access route is via Alberta Highway 41, which leads south from the Trans-Canada Highway. The former hamlet is located within Cypress Hills Interprovincial Park on the southern shore of Elkwater Lake and consists mostly of a collection of cabins. Its name is a translation of Ponokiokwe, the Blackfoot name for the lake.