Treasure is the third studio album by Scottish alternative rock band Cocteau Twins, released on 12 November 1984 by 4AD. With this album, the band settled on what would, from then on, be their primary lineup: vocalist Elizabeth Fraser, guitarist Robin Guthrie and bass guitarist Simon Raymonde. The album also reflected the group's embrace of the distinctive ethereal sound they became associated with.

The album reached number 29 on the UK Albums Chart, becoming the band's first UK Top 40 album, and charted for eight weeks. It also became one of the band's most critically successful releases, although the band considered it underdeveloped. The track "Lorelei" became a minor dance hit during the mid-1980s.