The Hunza Valley (Burushaski: ہُنزݳ دِش‎, romanized: Hunza Dish; Wakhi/Urdu: وادی ہنزہ) is a mountainous valley located in the region of Gilgit-Baltistan in Pakistan administered Kashmir.

The valley stretches along the Hunza River and shares borders with Ishkoman to the northwest, Shigar to the southeast, Afghanistan's Wakhan Corridor to the north, and China's Xinjiang region to the northeast. It is continuous with the Nagar Valley below the confluence of Hispar and Hunza rivers. The valley floor sits at an elevation of 2,438 meters (7,999 feet). Geographically, the Hunza Valley is divided into three parts: Upper Hunza (Gojal), Central Hunza, and Lower Hunza (Shinaki).

Buddhism and, to a lesser extent, Bön were the primary religions in the area before the advent of Islam. The region holds several surviving Buddhist archaeological sites, such as the Sacred Rock of Hunza. Since then, most of the population converted to Islam, predominantly following the Ismaili sect. Hunza contains rock inscriptions in the ancient Brahmi script, created by Buddhist monks as expressions of worship and culture. With most locals converting to Islam, they had been mainly left forgotten, but are now being restored. Hunza Valley was central in the network of trading routes connecting Central Asia to the subcontinent. It also provided protection to Buddhist missionaries and monks visiting the subcontinent, and the region played a significant role in the transmission of Buddhism throughout Asia.

Historian Ahmad Hassan Dani believes that the Sakas (Scythians) used the Karakoram route to invade Taxila. The Sacred Rock of Hunza has petroglyphs of mounted horsemen and ibex, along with Kharoshti inscriptions that list the names of Saka and Pahlava rulers. The rock also contains inscriptions from the Kushan period, showing the Saka and Kushan suzerainty over the Hunza and Gilgit regions.

Hunza began to separate from the Gilgit region as a separate state around 997 A.D., but decisive separation occurred with the establishment of the Ayash ruling family in the 15th century. The neighbouring Nagar state also separated in the same manner, and internecine battles between the two states were endemic. Following the invasion of Kashmir by the Mughal nobleman Mirza Haidar Dughlat, the Mir of Hunza established diplomatic relations with Kashgaria (Yarkand Khanate). After Kashgaria came under Chinese control, he continued relations with Kashgaria by paying an annual tribute of gold dust of 16 tolas to the Chinese government in Yarkand. In return for that token tribute, Hunza enjoyed territorial rights in the Raskam Valley and grazing rights in the Taghdumbash Pamir.

Hunza was an independent principality for more than 900 years. In the early 1800s, Hunza played a vital role in the British "Great Game". After the British suzerainty was established over South Asia by 19th century, the princely state of Jammu and Kashmir was created under the 1846 treaty of Amritsar. In 1891 Hunza accepted the British suzerainty. The Mir of Hunza, Mir Safdar Ali Khan, fled to Kashgar, China, and the British army installed his brother Mir Nazim Khan (1892–1938) as a puppet ruler of Hunza Valley, but all orders were passed by British officers who were appointed in the capital Gilgit." Hunza princely state bordered Xinjiang (autonomous region of China) to the northeast, Pamir to the northwest, the Gilgit Agency to the south and the former princely state of Nagar to the east, and survived until 1974, when it was finally dissolved by Zulfikar Ali Bhutto. The state capital was the town of Baltit (now known as Karimabad); another old settlement is Ganish.

According to an account written by John Biddulph in his book Tribes of the Hindoo Koosh:

The ruling family of Hunza is called Ayesha "aya-sha" (heavenly). The two states of Hunza and Nagar were formerly one, ruled by a branch of the Shahreis, the ruling family of Gilgit, whose seat of government was Nagar. First [M]uslim came to Hunza-Nagar Valley some 1000 years (At the time of Imam Islām Shāh 30th Imam Ismaili Muslims). After the introduction of Islam to Gilgit, married a daughter of Trakhan of Gilgit, who bore him twin sons, named Moghlot and Girkis. From the former, the present ruling family of Nager is descended. The twins are said to have shown hostility to one another from birth. Thereupon their father, unable to settle the question of succession, divided his state between them, giving Girkis the north/west, and to Moghlot the south/east bank of the river.