Terry Waters (born 14 December 1943) is a former Australian rules footballer who played with Collingwood in the Victorian Football League (VFL).

Waters was a versatile player who was originally used as a forward before moving into defense later on in his career. He won the Copeland Trophy in 1966, , was their leading goalkicker in 1963 and 1964, and earned All Australian selection for his performance in the 1969 Adelaide Carnival. Waters attended De La Salle College Malvern.

Waters was appointed captain of Collingwood in 1970 and 1971 resigned the position mid way through the season. ^[1] Waters reasons for his resignation was because of a drop in form and the fact that the captaincy was effecting him ability to play the game.