Waipunga Falls is a tiered, 40-metre waterfall on the Waipunga River in New Zealand's North Island, situated approximately halfway between Taupo and Napier along State Highway 5.

It is one of two waterfalls at the site — the other being the neighbouring Waiarua Falls — and both are considered must-see stops for their scenic appeal and easy accessibility.

The falls are visible directly from a roadside car park off SH5, making them one of the more effortlessly viewed waterfalls in the region. A short walking track around the viewing area allows visitors to take in both falls.

Travellers heading from Taupo toward Napier can pull safely off to the left; a "Scenic Lookout" sign appears roughly 400 metres before the car park.