Neelum Valley (also spelled Neelam Valley) (Urdu: وادیِ نیلم ‎) is a 144 km long bow-shaped thick forested region in Azad Kashmir, Pakistan. It is named after the Neelam river, which flows through the length of the valley.

The valley is situated in the north-east of Muzaffarabad, running parallel to Kaghan Valley. The two valleys are only separated by snow-covered peaks, some over 4,000 meters (13,000 ft) above sea level.