Phantom Falls, Seasonal waterfall at North Table Mountain Ecological Reserve in Oroville, California.

Phantom Falls is a 166-foot (51 m) waterfall at Coal Canyon in the North Table Mountain Ecological Reserve near Oroville, California. It runs off the edge of Coal Canyon in front of a grotto, with a small pool at the bottom. The falls are visible from the rim of Coal Canyon.

During the California Gold Rush, miners dug a shaft directly behind the falls in search of deposits, leaving traces that are still visible in the rock today. The gold prospects turned out to be minimal, and the site was quickly abandoned.

The name Phantom refers to the waterfall's disappearance in the dry season, when no water runs over the canyon edge; it flows only from late autumn to early spring. The small pool at its base holds the Coastal Range newt, a California newt subspecies. Behind the falling water, the grotto shelters the shaft of an abandoned gold mine from the California Gold Rush, where research is still carried out today.

A CDFW Lands Pass is required to enter the reserve and should be arranged before arriving, since there is no on-site purchase option. The trail from the Cherokee Road trailhead covers rocky terrain, and the ground becomes very slippery after rain, so visiting during dry weather makes for a safer hike.

The natural grotto carved into the rock at the base of the falls is large enough to walk into, letting visitors stand behind the falling water and look out through it. This is only possible when the flow is strong, which ties the experience directly to the seasonal rains.