Caspian is a city in Iron County in the U.S. state of Michigan. The population was 997 at the 2000 census.
According to the United States Census Bureau, the city has a total area of 1.4 square miles (3.7 km²), all land.
As of the census of 2000, there were 997 people, 470 households, and 266 families residing in the city. The population density was 707.9 per square mile (273.0/km²). There were 518 housing units at an average density of 367.8 per square mile (141.8/km²). The racial makeup of the city was 97.09% White, 0.30% African American, 1.30% Native American, 0.60% Asian, 0.20% from other races, and 0.50% from two or more races. Hispanic or Latino of any race were 0.30% of the population. 26.6% were of Italian, 13.8% German, 10.9% Polish, 9.2% Finnish, 8.4% Swedish and 6.4% French ancestry according to Census 2000.