Balaklava railway station was located at the junction of the Hamley Bridge-Gladstone railway line and Balaklava-Moonta railway line in the town of Balaklava, South Australia.

The earliest part of the narrow gauge Hamley Bridge-Gladstone line opened from Balaklava to Blyth on 14 March 1876 as part of the Port Wakefield line but a railway station wasn't erected at Balaklava until the line opened from Hamley Bridge to Balaklava on 15 January 1880. The station consisted of a main building, a goods shed and railway yards. Originally, the stables and station were located at a much different location before being shifted to their current location.

In 1927, both lines through Balaklava were converted to broad gauge in 1927.

A large iron wheat silo was constructed in 1956, also being one of the first in that region.

In 1978, In 1978, the station and all associated infrastructure was included in the transfer of South Australian Railways to Australian National. The station was closed to regular passengers by 1982 and both lines past Balaklava were removed by 1990. In 1997, the railway line and were included in the transfer of Australian National's freight assets to Australian Southern Railroad (later known as One Rail Australia.) The last passenger train, an RTA special tour used the station in November 1999 and the last grain train left Balaklava in 2004.

As of 2024, most of the station yards, goods shed, station building and disused grain silos remain but are now disused.