Embarcadero station is a combined BART and Muni Metro rapid transit subway station in the Market Street subway in downtown San Francisco. Located under Market Street between Drumm Street and Beale Street near The Embarcadero, it serves the Financial District neighborhood and surrounding areas. The three-level station has a large fare mezzanine level, with separate platform levels for Muni Metro and BART below. Embarcadero station opened in May 1976 – almost two years after service began through the Transbay Tube – as an infill station.

Embarcadero and nearby Montgomery Street stations are typically the two busiest in the BART system. The station is served by the BART Blue, Green, Red and Yellow lines, and the Muni Metro J Church, K Ingleside, L Taraval, M Ocean View, N Judah, and S Shuttle lines. A major Bay Area transit hub, Embarcadero is also served by numerous bus routes of several other agencies which stop above the station and on surrounding streets.

Like the three other shared Muni/BART stations in the Market Street subway, Embarcadero has three underground levels. The uppermost level is a fare mezzanine, with one Muni paid area in the middle flanked by two BART paid areas. The second level has a single island platform (of which only the center portion is used) for Muni Metro, and the third level has an island platform for BART. The station is narrower than the other three – 50 feet (15 m) rather than 60 feet (18 m) – because of adjacent buildings and the high water table. It has six street entrances along its length. The station contains an unused underground entrance to the 388 Market Street building.

The BART Board approved the name "Embarcadero" in December 1965. At that time, it was only planned to be used for Muni Metro. BART service at the station began on May 27, 1976, three years after the other San Francisco stations. As a result of increasing development in the lower Market Street area, the basic structure of the station was added into the construction of the Market Street subway, anticipating a later opening. This resulted in the Embarcadero station having a different design than the other three Market Street stations. The station was designed by chief BART architect Tallie Maule and Hertzka & Knowles & Associates in collaboration with Parsons Brinckerhoff, Tudor Construction, and Bechtel. The station cost $30 million to construct.

Muni Metro service began in February 1980 and Embarcadero was originally intended to be the inbound terminus for all of the Muni Metro lines. In 1998 a new southward extension was opened, extending the N Judah along the Embarcadero to the Caltrain station at 4th and King Streets. On March 4, 2000, F Market & Wharves streetcar service was extended northward to Fisherman's Wharf, with new stops above Embarcadero station at Main Street (inbound) and Drumm Street (outbound). Because the station is adjacent to the Transbay Tube, brake dust and other particles from train operations coat the walls of the station. A sandblasting in 2014 revealed the original white terrazzo platform walls under the dark grime.

Since before 1992, the station was serenaded by Ronald Brewington, known as the "Jazz Man". He would play saxophone for commuters, and entertain them with conversation and charm. He claimed his name was Garrick Sherrod; however, that was an identity he had stolen. The Jazz Man was actually a fugitive from Albuquerque facing capital murder charges stemming from the 1987 death of his wife Diedre. He was arrested at a BART station in 2012, and extradited to New Mexico. In 2013, he pleaded guilty to the murder and was sentenced to 16 years in prison.

Following the 2015 addition of a canopy over an escalator at 19th Street Oakland station, which reduced escalator downtime by one-third, BART decided to add canopies to all downtown Oakland and San Francisco entrances. Construction of the Market Street entrances was to begin in 2020, with completion in 2027. The entrances on the southern side of the station were closed from April 13, 2020, to May 15, 2021, due to low ridership during the COVID-19 pandemic. Concourse-level preparation for canopy construction at Embarcadero station began on November 15, 2021. The entrance at Davis Street was closed for canopy construction from June 13, 2022 until October 2023, followed by the Beale Street entrance from September 5, 2023, to March 2024. The Federal Reserve Bank entrance was closed for construction on October 18, 2023; the Pine Street entrance closed on March 14, 2024. A canopy at the Drumm Street entrance opened in January 2025.

Thirteen BART stations, including Embarcadero, did not originally have faregates for passengers using the elevator. In 2020, BART started a project to add faregates to elevators at these stations. The new faregate on the platform at Embarcadero was installed in December 2021. This allows passengers using the elevator to enter and exit fare control through the faregate, rather than having to use a "difficult and cumbersome" process of tagging in or out at the concourse faregates. Bathrooms at underground BART stations were closed after the September 11 attacks due to security concerns. The bathroom at Embarcadero station reopened on June 30, 2023, after a renovation, with an attendant on duty during all operating hours.