Balaton is a city in Lyon County, Minnesota, United States. The population was 643 at the 2010 census.
According to the United States Census Bureau, the city has a total area of 1.5 square miles (3.9 km²), of which, 1.4 square miles (3.5 km²) of it is land and 0.1 square miles (0.3 km²) of it (8.72%) is water.
As of the census of 2000, there were 637 people, 276 households, and 186 families residing in the city. The population density was 468.9 people per square mile (180.8/km²). There were 296 housing units at an average density of 217.9 per square mile (84.0/km²). The racial makeup of the city was 99.22% White, 0.16% Native American, 0.16% from other races, and 0.47% from two or more races. Hispanic or Latino of any race were 0.78% of the population.