Waverly is an unincorporated community and census-designated place (CDP) in Codington County, South Dakota, United States. The population was 22 at the 2020 census.
The community derives its name from the Waverley Novels.
Waverly is located in eastern Codington County northeast of Watertown, the county seat. It is east of Exit 185 on Interstate 29.
According to the United States Census Bureau, the Waverly CDP has a total area of , all land.
It is in the Waverly School District 14-5.