Sir Michael Elias Balcon (19 May 1896 – 17 October 1977) was an English film producer known for his leadership of Ealing Studios in west London from 1938 to 1956. Under his direction, the studio became one of the most important British film studios of the day. In an industry short of Hollywood-style moguls, Balcon emerged as a key figure, and an obdurately British one too, in his benevolent, somewhat headmasterly approach to the running of a creative organization. He is known for his leadership, and his guidance of young Alfred Hitchcock.

Balcon had earlier co-founded Gainsborough Pictures with Victor Saville in 1923, later working with Gaumont British, which absorbed their studio. Later still he worked with MGM-British. In 1956 he founded a production company known as Ealing Films, and later headed British Lion Films. He served as chairman of the British Film Institute production board to help fund and encourage new work.

Balcon was described in his obituary in The Times as a "pioneer of British films" who "had courage, energy and flair for showmanship".

Born at Edgbaston, Birmingham, Balcon was the youngest son and fourth of five children of Louis Balcon c. 1858–1946 and his wife, Laura (née Greenberg; c. 1863–1934), Lithuanian Jewish immigrants from Latvia (then part of the Russian Empire) who had met in Britain. His father described himself as a tailor, but rarely worked in that capacity; he "preferred to travel", including to South Africa, where his brother-in-law had settled. His wife was left to raise the children as best she could, but the family experienced poverty. Despite what he called a "respectable but impoverished" childhood, in 1907 Balcon won a scholarship to Birmingham's George Dixon Grammar School, where he had an "undistinguished" academic career, and had to leave in 1913 owing to his family's financial needs. A commemorative plaque was subsequently placed at George Dixon Grammar School, marking his notability as a film producer. He worked as a jeweller's apprentice, was turned down for service in the First World War because of defective eyesight, and joined the Dunlop Rubber Company's huge plant at Aston Cross in 1915, rising to become personal assistant to the managing director.

Balcon began his career in filmmaking during the 1920s and, together with Victor Saville and John Freedman, he formed Balcon, Freedman & Saville. After the war, Balcon's friend Victor Saville suggested a partnership to establish a film distribution company for the new and growing industry. The company, Victory Motion Pictures, led to them settling in London, opening an office in Soho in 1921. In 1923, their first feature film was released, the successful melodrama Woman to Woman, starring Clive Brook and Betty Compson, and directed by Graham Cutts. They leased Islington Studios and formed the more long-lasting Gainsborough Pictures.

The studio, recently vacated by the Hollywood company Famous Players–Lasky (later Paramount Pictures) was small but well equipped and fully staffed. A young Alfred Hitchcock was one of its employees. Balcon gave Hitchcock his first directing opportunity, and Gainsborough gained a reputation for producing high-quality films.

In 1924, he and Graham Cutts founded Gainsborough Pictures, which he presided over for twelve years, as director of production for Gaumont-British from 1931. During this time, Balcon oversaw Alfred Hitchcock's very first production titled The Pleasure Garden. The film was followed by Hitchcock's The Lodger: A Story of the London Fog as well as The Ring showing that Hitchcock's talent was growing and diversifying. At first, Balcon was doubtful about 'The Lodger' but after a re-edit by Ivor Montagu, he became confident in the production.

Balcon's independence had eroded and Gainsborough became an extension of the Gaumont Film Company. Still, between 1931 and 1936, Balcon produced a number of classics, including a string of Hitchcock successes, such as The 39 Steps and Man of Aran; directed by Robert J. Flaherty the latter was known as 'Balcon's folly' for going well over budget.