Kolyma (Russian: Колыма́, Kолымский, tr. Kolyma, Kolimskiy IPA: [kəɫɨˈma]) is a region in the Russian Far East. It is bounded to the north by the East Siberian Sea and the Arctic Ocean, and by the Sea of Okhotsk to the south. The region gets its name from the Kolyma River and mountain system, parts of which were not accurately mapped by Russian surveyors until 1926. It consists roughly of the Chukotka Autonomous Okrug and the Magadan Oblast.

The area, part of which is within the Arctic Circle, has a subarctic climate with very cold winters lasting up to six months of the year. Permafrost and tundra cover a large part of the region. Average winter temperatures range from −19 to −38 °C (−2 to −36 °F) (even lower in the interior), and average summer temperatures, from 3 to 16 °C (37 to 61 °F). There are rich reserves of gold, silver, tin, tungsten, mercury, copper, antimony, coal, oil, and peat. Twenty-nine zones of possible oil and gas accumulation have been identified in the Sea of Okhotsk shelf. Total reserves are estimated at 3.5 billion tons of equivalent fuel, including 1.2 billion tons of oil and 1.5 billion m³ of gas.

The principal town Magadan has nearly 100,000 inhabitants and is the largest port in north-eastern Siberia. It has a large fishing fleet and remains open year-round because of icebreakers. Magadan is served by the nearby Sokol Airport. There are many public and private farming enterprises. Gold mines, pasta and sausage factories, fishing companies, and a distillery form the city's industrial base.