Oxbow Estates is a census-designated place (CDP) in Gila County, Arizona, United States. The population was 217 at the 2010 census.
The CDP is located in northern Gila County on the west side of Arizona State Route 87 (the Beeline Highway), south of Payson. It is drained to the west by the seasonally flowing St. Johns Creek, a tributary of Rye Creek and part of the Tonto Creek watershed. According to the United States Census Bureau, the CDP has a total area of , all land.
It is in the Payson Unified School District. Payson High School is the zoned comprehensive high school.