"Waterfalls" is a song by American hip-hop group TLC, released on May 29, 1995, by LaFace and Arista as the third single from the group's second album, CrazySexyCool (1994). The song addresses the illegal drug trade, promiscuity, and HIV/AIDS. "Waterfalls" was the first number-one song to refer to AIDS, according to BMG's Jarett E. Nolan.

Often considered one of the group's signature songs, "Waterfalls" was an international hit, topping the charts in many countries. The song spent seven weeks at No. 1 on the Billboard Hot 100, giving the group their second US No. 1; it was the No. 2 song of the year on the Billboard 1995 year-end chart. "Waterfalls" also peaked at No. 1 in New Zealand, Switzerland and Zimbabwe while reaching the top 10 in several other countries, including Australia, Canada and the United Kingdom. "Waterfalls" received critical acclaim, earning two Grammy nominations at the 38th Annual Grammy Awards in 1996 for Record of the Year and Best Pop Performance by a Duo or Group with Vocal.

The song's music video, directed by F. Gary Gray, reflected its socially conscious lyrics via a million-dollar budget. It became an MTV staple, making TLC the first act to stay atop the MTV Video Monitor chart for over a month. The video won four MTV Video Music Awards in 1995, including Video of the Year, making them the first African-American act to receive the trophy.

"Waterfalls" is an R&B song, written by TLC band member Lisa "Left Eye" Lopes with Marqueze Etheridge and Organized Noize, who also produced the song. Rozonda "Chilli" Thomas and Tionne "T-Boz" Watkins perform the song with Lopes, who also provides a rap verse (which is removed from some edits). The members of TLC, as well as Debra Killings and CeeLo Green, provide background vocals, while the improvised bass line is provided by LaMarquis "ReMarqable" Jefferson. Of Green's involvement, Watkins noted, "He was in Goodie Mob, we grew up together, we go way back. He (sang on the track) and it was amazing! I love his voice." Green later recalled to The Guardian on March 22, 2008, "I was working at the same studio and of course I know the girls too, because we were on the same label, so they just asked me. I didn't realize at the time what a big song it was going to be."

The song's lyrics refer to 1990s issues such as the HIV/AIDS epidemic and violence associated with the illegal drug trade. Watkins said that it was important for the group to "get the message across without seeming like preaching."

The TLC song shares elements with Paul McCartney's song of the same name, which opens with the line "Don't go jumping waterfalls, please keep to the lake." McCartney himself noted the resemblance, stating "In fact, somebody had a hit, a few years ago, using the first line...then they go off into another song. It's like, 'Excuse me?'"

Lopes' rap verse expresses personal problems that she was dealing with at the time. She had a very turbulent relationship with Atlanta Falcons football player Andre Rison, and on June 9, 1994, she burned numerous pairs of Rison's newly purchased tennis shoes in his fiberglass bathtub, which set his entire $2 million mansion ablaze. She pled guilty to arson and was sentenced to five years of probation and a $10,000 fine, but eventually reconciled with Rison.

"Waterfalls" received universal acclaim from music critics. J.D. Considine from The Baltimore Sun described it as "tuneful and intoxicating". Entertainment Weekly viewed it as a "Prince-inspired ballad" that "hint[s] at the artistic greatness TLC might achieve if freed from commercial concerns". Simon Price from Melody Maker felt the song "is worthy of the symbolic sex dwarf himself." In a separate review, Price named it Single of the Week, writing, "'Waterfalls' is nothing we haven't already heard in 'Sign O' the Times' or 'The Message': a cautionary, moral tale about a bad livin' young brother who upsets his mom by gangbanging and ends up with Aids, and personally, I left all that behind with Aesop's fables. I'm more interested in the sonics here, the opulent Paisley Park-ish production, the way the freeze-dried, shrink-wrapped street soul beats are wickedly at odds with T-Boz's languorous, husky vocals and Left Eye and Chilli's river-of-clear-honey harmonics." A reviewer from Music Week gave it four out of five, calling it "yet another radio-friendly hit", remarking that "TLC swap wackiness for a more mature affair".