The Victoria Derby, also known as the Penfolds Victoria Derby, is a Victoria Racing Club Group 1 Thoroughbred horse race for three-year-olds held under Set Weights conditions over a distance of 2,500 metres at Flemington Racecourse, in Melbourne, Australia scheduled annually on the first day of the Melbourne Cup Carnival. Total prize money for the race is A$2,000,000.

Originally run at a distance of 1+1⁄2 miles, in 1972 it was changed to 2,400 metres to conform to the metric system. It was changed again in 1973 to its present distance of 2,500 metres.

First run in 1855, the first three editions were won by fillies but the last time a filly won was in 1923 when Frances Tressady claimed victory. In its history, only one horse has ever won the Victoria Derby more than once. Fireworks accomplished the feat, winning back-to-back runnings in November 1867 and again in 1868 after a change of the race date to New Year's Day. Between 1931 and 1956 geldings were not permitted to compete.

Three horses have won their first race with a win in the Victoria Derby. In 1883, the New Zealand-bred horse Martini Henry won the Victoria Derby at his first start. Fire Oak in 1990, Redding in 1992 and Preferment in 2014 are the only other maidens to win the Victoria Derby.

In 2005, Clare Lindop became the first female jockey to ride in the Victoria Derby and became the first female to win in 2008. Gai Waterhouse became the first woman to train a winner when Nothin' Leica Dane won the 1995 running.

Time record: (at current 2,500 metres distance)

Most wins by a jockey:

Most wins by a trainer: