Red Deer Lake is a fresh water alkaline lake situated near Bashaw in central Alberta, Canada.
The 15 kilometres (9.3 mi) long lake is located northwest of the junction of Highway 21 and Highway 53. In descending order of surface area, it straddles the boundaries of Ponoka County, Camrose County and the County of Wetaskiwin No. 10. The lake is drained through a series of marshes into the Battle River.
David Thompson established a fur trading post for the North West Company on the shores of the lake in 1798.