The Rural Municipality of Hudson Bay No. 394 (2016 population: ) is a rural municipality (RM) in the Canadian province of Saskatchewan within Census Division No. 14 and Division No. 4. At in area, it is the largest rural municipality in Saskatchewan. It is in the northeast-central portion of the province.
The RM of Hudson Bay No. 394 incorporated as a rural municipality on May 1, 1977.
The following urban municipalities are surrounded by the RM.
The following unincorporated communities are within the RM.
The RM also surrounds several First Nations communities.
In the 2021 Census of Population conducted by Statistics Canada, the RM of Hudson Bay No. 394 had a population of living in of its total private dwellings, a change of from its 2016 population of . With a land area of , it had a population density of in 2021.
In the 2016 Census of Population, the RM of Hudson Bay No. 394 recorded a population of living in of its total private dwellings, a change from its 2011 population of . With a land area of , it had a population density of in 2016. It is the least densely populated rural municipality in Saskatchewan.
The RM of Hudson Bay No. 394 is governed by an elected municipal council and an appointed administrator that meets on the second Tuesday of every month. The reeve of the RM is Neal Hardy while its administrator is Tracy Smith. The RM's office is located in Hudson Bay.