Shady Records is an American record label founded by rapper Eminem and his manager Paul Rosenberg in 1999, following the commercially successful release of The Slim Shady LP that same year. The label's name comes from the last name of Eminem's alter ego, Slim Shady.

The Shady Records roster was showcased on their 2006 compilation album, Eminem Presents: The Re-Up, which peaked at number 2 on the Billboard 200. The label's roster was also predominantly featured on the soundtrack to the film 8 Mile; the film starred Eminem while the album was led by the single "Lose Yourself". The song became the first hip hop song to win an Academy Award for Best Original Song.

Shady Records has signed and released projects for acts including Eminem himself, his group D12, Obie Trice, 50 Cent, Cashis, Bad Meets Evil, Slaughterhouse, Yelawolf, Griselda, Westside Gunn, Conway the Machine and Grip; its roster as of 2025 includes Westside Boogie and Ez Mil.

After Eminem released The Slim Shady LP, he started his own record label in late 1999. Eminem looked for an avenue to release D12, and Rosenberg was keen to start a label, which led to the two teaming up to form Shady. Its A&R Marc Labelle has defined the record label as "a boutique label but [with] all the outlets of a major [and] Interscope backing up our every move."

D12 was the first act signed by Shady as they had been rapping together since the 1990s, and the members had made a promise that whoever became successful would come back and sign the others. In June 2001, D12 released Devil's Night, peaking at #1 on the Billboard 200, earning 371,000 copies during the first week of release. Obie Trice was introduced to Eminem through D12's Bizarre. Eminem signed him in June 2001 as the second Shady act. Obie Trice first got public attention via a freestyle skit on the Devil's Night album and The Eminem Show track, "Drips".

While working on the film 8 Mile, Eminem had a meeting with then underground rapper 50 Cent. Eminem had heard 50 Cent's mixtape, Guess Who's Back?, taken them to Dr. Dre and offered him the chance to work together on the artist. 50 Cent became the first solo artist signed to Shady and Aftermath. The 8 Mile soundtrack was the third Shady LP to be released. The first single was "Lose Yourself", which earned multiple nominations and became a surprise win of an Academy Award for Best Original Song, the first time a hip hop song had ever won the award. The second single was 50 Cent's "Wanksta", which was released as a buzz track and became popular in 50 Cent's home town. During this time, Eminem had also made a deal with DJ Green Lantern, who released the label's first mixtape, Invasion!, in 2002. He was the DJ for Eminem during the Anger Management Tour.

The fourth release from Shady was 50 Cent's Get Rich or Die Tryin', in February 2003. The album became the fastest selling debut in U.S. history, selling 872,000 copies in its first week. Next to be released from Shady was Obie Trice's debut album, Cheers, six months later. Despite being commercial successful, the LP was considered overshadowed by 50 Cent's music at the time. In 2003, Shady was involved in several controversies with the likes of the inherited Murder Inc. feud that 50 Cent and G-Unit were involved in, on-going problems with the previous co-owners of The Source magazine, namely Benzino, as well as escalating issues with rapper Royce da 5'9", who was previously a friend of Eminem and D12, until they reunited in 2010.

Near the end of 2003, Eminem and Dr. Dre signed a joint deal with Stat Quo. Stat Quo became the second artist to be signed to Shady and Aftermath. The following year saw the release of D12's second album, D12 World. Also, in 2004, Eminem and Rosenberg began a venture offered by Sirius Satellite Radio that saw the airing of their uncensored hip hop radio station, Shade 45. Shady DJ, DJ Green Lantern, was given his own show, whilst 50 Cent's G-Unit DJ, DJ Whoo Kid, co-hosted G-Unit Radio on Saturdays.