The Makarora River is in the Otago region of the South Island of New Zealand.
The headwaters are in Mount Aspiring National Park, on the eastern flanks of the Southern Alps near Haast Pass, which is the saddle between the Makarora and Haast River valleys. The Makarora flows south into the northern end of Lake Wanaka after passing the small community of Makarora. The river attracts some recreational fishing, jetboating and kayaking.
In September 2007 a landslide in the Young River valley blocked off the corresponding stream. Young River is a tributary to Makarora River. The landslide created a new lake. The lake appears to be permanent.
Coordinates: 44°19′S 169°10′E / 44.317°S 169.167°E / -44.317; 169.167