The Happy Valley Racecourse is is located in Happy Valley on Hong Kong Island.

It was first built in 1845 to provide horse racing for the British people in Hong Kong. Before it was built, the area was a swampland, but also the only flat ground suitable for horse racing on Hong Kong Island. To make way for the racecourse, Hong Kong Government prohibited rice growing by villages in the surrounding area. The first race ran in December 1846.

On 26 February 1918, there was a fire and at least 590 people died. By the next day as many as 576 confirmed deaths were reported by the Hong Kong Telegraph. It was caused by the collapse of a temporary grandstand, which knocked over food stalls and set bamboo matting ablaze.

The race track was rebuilt in 1995, and became a world-class horse racing facility.