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Fairbanks–Hillgrade is a designated place on New World Island in Newfoundland and Labrador, Canada. It consists of the unincorporated villages of Fairbanks, Tilt Cove and Hillgrade, and had a population of 257 in the Canada 2006 Census.

The communities are situated along Route 340. From the north, Hillgrade consists of several residences along the main highway route as well as two streets that branch off from that route, the sole business being a lobster pool. Slightly further south, most of Fairbanks is located off the main highway but several residences are located there as the highway speed limit drops from 80 km/h to 50 km/h.

Coordinates: 49°34′07″N 54°42′11″W / 49.5686°N 54.7031°W / 49.5686; -54.7031