Osvaldo Castro Pelayos (born 17 October 1948) is a retired Chilean footballer who played league football for clubs in Chile and Mexico, as well as playing international football for Chile.
Castro started his career Chilean club Unión La Calera in 1965, before joining Deportes Concepción. After three seasons he transferred to Mexican side Club América.
Castro joined Club Jalisco for the 1975–76 season, scoring 26 goals in 32 league appearances. In all he scored 91 league goals for the club in his four seasons with them. Following Jalisco's removal from the Primera division Castro joined Deportivo Neza in 1979–80, before moving on to Atlético Potosino for 1981/82. He played his last Mexican seasons with Pumas de la UNAM, finishing with them in 1983/84.
He played for the Chile national football team on four occasions during the 1978 FIFA World Cup Qualifiers.