The Penglai Waterfall () is a waterfall in Gukeng Township, Yunlin County, Taiwan.
The waterfall is located in Shibi Valley. It is part of Jhugao River at Jhugao River basin. Located at an elevation of 1,200meters above sea level, it spans over a height of 200meters.
The waterfall used to feature a cable car system but was destroyed during the 921 earthquake in 1999.