Waterston is a village near Milford Haven in Pembrokeshire, Wales, in the community and parish of Llanstadwell. It lies on the B4325 road linking Neyland and Milford Haven.

The built-up area had a population of 335 in 2011.

Waterston Wesleyan Methodist chapel was built in 1836. It was rebuilt in the 1880s in Gothic style.

To the northeast of the village is Scoveston Fort, a Grade II listed structure constructed in the 1860s as part of the defences of Pembroke dockyard. It cost £45,462, and was the only one of its kind built.

Part of the village now lies within the boundaries of the Dragon LNG terminal. Costing about £35 million and extending to 300 acres (120 ha), the plant was built as an oil refinery in 1997. In 2007 it was redeveloped as a LNG storage facility, and taken over by Dragon in 2009. The plant is expected to process between 10 and 20 percent of the UK's gas supply requirement.

A large fire in April 2024 at a car breakers in the village took 7 fire crews to extinguish; nearby residents were evacuated for safety. The cause was found to be accidental, and had been monitored by the close-by Dragon Terminal. There had been a serious fire in January 2024 in the same industrial estate.