Treasure is the third studio album by Scottish alternative rock band Cocteau Twins. It was released on 1 November 1984, through record label 4AD. With this album, the band settled on what would, from then on, be their primary lineup: vocalist Elizabeth Fraser, guitarist Robin Guthrie and bass guitarist Simon Raymonde. This new line-up also coincided with the development of the ethereal sound associated with the band's music.
The album reached number 29 on the UK Albums Chart, becoming the band's first UK Top 40 album, and charted for 8 weeks. It also became one of the band's most critically successful releases, although the band themselves have expressed dismay at it.
Treasure is considered by many fans to be the band's finest work, and has received critical acclaim. Pitchfork listed Treasure as the 98th best album of the 1980s, writing, "Cocteau Twins' third album was titled simply enough. Treasure was an adjective for the endlessly inventive melodic lines you'd find buried in these songs, and a verb for what you'd do with them for years to come", and noted that the record signalled the start of the Cocteau Twins' "signature ethereality".AllMusic's Ned Raggett complimented its "accomplished variety", saying, "Treasure lives up to its title and then some as a thorough and complete triumph."BBC Online wrote, "Treasure was where the Cocteau Twins first got it 100 percent right." The Melody Maker described the album as "true brilliance" and stated that the band were "the voice of God".
Slant Magazine listed the album at number 74 on its list of the best albums of the 1980s, while NME named Treasure the 37th best album of 1984.