The Eastern Market (also known as Paddys Market) was one of the three markets established in central business district of Melbourne, Victoria, Australia in the 1840s. It operated from 1847 until the demolition of its buildings in 1960.

The Market began as a general second-hand market but went through several changes of use over its 113 years of operation including as a fruit and vegetable market, entertainment precinct and town square. It declined in popularity and importance as the Queen Victoria Market took away trade from both the Eastern and Western Market.

Early planning in the early years of Melbourne called for several market spaces to be created within or near the central grid of streets laid out by surveyor Robert Hoddle.

At the time Melbourne was under the administration of New South Wales and in 1841, commissioners were appointed to find sites for a future market in Melbourne. In 1846 three sites were gazetted for this purpose:

The two smaller markets can be seen in Frederick Proeschel's 1853 'Mercantile' map of Melbourne with the annotation showing the Eastern Market had sections for hay, straw and fruit and housed a jail on its south-eastern corner (presumably the 'old female gaol, situated within the market area' referred to during redevelopment in 1859).

In a discussion at the Melbourne Town Council it was stated that 'between 1 September 1848 and 31 August 1849' income and expenses for the three markets were:

Despite the Western Market appearing to be the least profitable of the three, at a Council meeting the following month, Alderman Johnston argued 'the Eastern Market was a losing concern and...would most assuredly fall'. While this didn't eventuate supporters of the two general markets ensured there was lively debate about the future of both into the 1850s.

In 1871 a writer for The Australasian recalled the early years of the market in less than flattering terms: