Mount Mazama in the context of Klamath County, Oregon

A caldera (/kɔːlˈdɛrə, kæl-/ kawl-DERR-ə, kal-) is a large cauldron-like hollow that forms shortly after the emptying of a magma chamber in a volcanic eruption. The ejection of large volumes of magma in a short time can upset the integrity of a magma chamber's structure by in effect removing much of the chamber's filling material. The walls and ceiling of a chamber may now not be able to support its own weight and any substrate or rock resting above. The ground surface then collapses into the emptied or partially emptied magma chamber, leaving a large depression at the surface that may have a diameter of dozens of kilometers. Although sometimes described as a crater, the feature is actually a type of sinkhole, as it is formed through subsidence and collapse rather than an explosion or impact. Compared to the thousands of volcanic eruptions that occur over the course of a century, the formation of a caldera is a rare event, occurring only a few times within a given window of 100 years. Only nine caldera-forming collapses are known to have occurred between 1911 and 2022, with the caldera collapses at Kīlauea, Hawaii, in 2018 and Hunga Tonga–Hunga Haʻapai in 2022 being the most recent. Volcanoes that have formed a caldera are sometimes described as "caldera volcanoes".

Crater Lake (Klamath: Giiwas) is a volcanic crater lake in south-central Oregon in the Western United States. It is the main feature of Crater Lake National Park and is a tourist attraction for its deep blue color and water clarity. The lake partly fills a 2,148-foot-deep (655 m) caldera that was formed around 7,700 (± 150) years agoby the collapse of the volcano Mount Mazama. No rivers flow into or out of the lake; the evaporation is compensated for by rain and snowfall at a rate such that the total amount of water is replaced every 150 years. With a depth of 1,949 feet (594 m), the lake is the deepest in the United States. In the world, it ranks eleventh for maximum depth, as well as fifth for mean depth.

Crater Lake features two small islands. Wizard Island, located near the western shore of the lake, is a cinder cone about 316 acres (128 hectares) in size. Phantom Ship, a natural rock pillar, is located near the southern shore.

Crater Lake National Park is a national park of the United States located in southern Oregon. Established in 1902, Crater Lake is the fifth-oldest national park in the United States and the only national park in Oregon. The park encompasses the caldera of Crater Lake, a remnant of Mount Mazama, a destroyed volcano, and the surrounding hills and forests.

The lake is 1,949 feet (594 m) deep at its deepest point, which makes it the deepest lake in the United States, the second-deepest in North America and the tenth-deepest in the world. Crater Lake is often referred to as the seventh-deepest lake in the world, but this former listing excludes the approximately 3,000-foot (910 m) depth of subglacial Lake Vostok in Antarctica, which resides under nearly 13,000 feet (4,000 m) of ice, and the recent report of a 2,740-foot (840 m) maximum depth for Lake O'Higgins/San Martin, located on the border of Chile and Argentina. However, when comparing its average depth of 1,148 feet (350 m) to the average depth of other deep lakes, Crater Lake becomes the deepest in the Western Hemisphere and the third-deepest in the world. The impressive average depth of this volcanic lake is due to the nearly symmetrical 4,000-foot-deep (1,200 m) caldera formed 7,700 years ago (about 8 kya) during the violent climactic eruptions and subsequent collapse of Mount Mazama and the relatively moist climate that is typical of the crest of the Cascade Range.