The Water of Leith (also known as the Leith River or Leith Stream), is a small river in the South Island of New Zealand.

It rises to the north of the city of Dunedin, flowing southeast through the northern part of the city and the campus of the University of Otago before reaching the Otago Harbour. As it reaches Dunedin , the river is often only a modest stream, partly because of the quantity of water abstracted upstream. Much of the northern part of Dunedin's inner city area is situated on the river's floodplain.

Along its 14 kilometre journey the Water of Leith is joined by two small tributaries, Ross Creek and Lindsay Creek. Reservoirs on the upper Ross Creek and Water of Leith provide much of Dunedin's drinking water.

The name of the city of Dunedin is the Gaelic form of the name Edinburgh, and thus the river is also named for the Water of Leith which runs through the Scottish capital.