The Victoria Derby is an Australian Thoroughbred horse race held annually on the first day of Melbourne's annual Spring Racing Carnival held at Flemington Racecourse in Melbourne, and it features top class racing with four Group One events on the day. It marks the beginning of Melbourne Cup Week with Victoria Derby Day traditionally held on the Saturday prior to Melbourne Cup Day, which is the first Tuesday in November every year.

While the major focus of Victoria Derby Day is the stars of the turf, in recent years the annual 'Fashions on the Field' celebrations have shared the limelight. 'Derby Day' has become 'Men's day' in the Fashion Stakes, and every year increasing numbers of fashionable gentlemen competing for prizes and a spot in the social columns. Traditionally black and white are worn on this day by women and morning suits by men. The flower of the day is a blue cornflower. In 2006, a crowd of over 129,089 broke the Flemington attendance record previously held by Melbourne Cup day 2003.

First run in 1855, the first three editions were won by fillies but the last time a filly won was in 1923 when Frances Tressady claimed victory. In its history, only one horse has ever won the Victoria Derby more than once. Fireworks accomplished the feat, winning back-to-back runnings in November of 1867 and again in 1868 after a change of the race date to New Year's day. Between 1931 and 1956 geldings were not permitted to compete.

Three horses made their racing debut with a win in the Victoria Derby. In 1883, the New Zealand-bred horse Martini Henry won the Victoria Derby in his racing debut. It did not happen again for another 107 years when Fire Oak won in 1990 and then two years later, Redding in 1992.

In 2005 Clare Lindop became the first female jockey to ride in the Victoria Derby. Gai Waterhouse became the first woman to train a winner when Nothin' Leica Dane won the 1995 running.