The turret lathe is a form of metalworking lathe that is used for repetitive production of duplicate parts, which by the nature of their cutting process are usually interchangeable. It evolved from earlier lathes with the addition of the turret, which is an indexable toolholder that allows multiple cutting operations to be performed, each with a different cutting tool, in easy, rapid succession, with no need for the operator to perform set-up tasks in between (such as installing or uninstalling tools) or to control the toolpath. The latter is due to the toolpath's being controlled by the machine, either in jig-like fashion, via the mechanical limits placed on it by the turret's slide and stops, or via digitally-directed servomechanisms for computer numerical control lathes.

The name derives from the way early turrets took the general form of a flattened cylindrical block mounted to the lathe's cross-slide, capable of rotating about the vertical axis and with toolholders projecting out to all sides, and thus vaguely resembled a swiveling gun turret.

Capstan lathe is the usual name in the UK and Commonwealth, though the two terms are also used in contrast: see below, Capstan versus turret.