McPhee Reservoir is located in Montezuma County, Colorado, United States. It was constructed and is operated by the United States Bureau of Reclamation as part of the Dolores Project, and dams the Dolores River to furnish municipal and irrigation water for Montezuma and Dolores counties and the Ute Mountain Ute Indian Reservation.

McPhee Reservoir is named for McPhee, Colorado, a company town founded by the New Mexico Lumber Company that is now submerged under the reservoir. In 1927, the McPhee sawmill produced over half of Colorado's lumber. The town housed up to 1,500 employees. The sawmill closed in 1946.

The lake itself may be accessed from near Dolores, Colorado, by state highways 145 and 184, and offers various boat-launching facilities, picnic areas, and campgrounds in the McPhee Recreation Area operated by the U.S. Forest Service. The lake fills the lower end of the Dolores Valley, with the dam completed in 1985 across Dolores Canyon.

A hydroelectric powerplant operates at the dam. Called the McPhee Dam Powerplant, it uses two turbines to power a 1,300 kilowatt generator. The plant produces 7,170,000 kilowatt-hours annually.

• List of largest reservoirs of Colorado

• Media related to McPhee Reservoir at Wikimedia Commons
• Dolores Water Conservancy District
• Recreation.gov McPhee Reservoir
• Historic American Engineering Record (HAER) No. CO-4-I, "Montezuma Valley Irrigation Company System, McPhee Dam Site, Dolores vicinity, Montezuma County, CO"
• Historic American Buildings Survey (HABS) No. CO-36, "Town of McPhee, McPhee Road, McPhee, Montezuma County, CO"