Lake Manitoba Railway and Canal Company is a historic railway company in Manitoba, Canada. It became bankrupt, and its assets were acquired by railway contractors William Mackenzie and Donald Mann in January 1896.
Founded in 1889, it was chartered to build a 27 kilometres (17 mi) railway line and canal connecting Lake Manitoba and Lake Winnipegosis.
The railway line was completed between Gladstone and Dauphin in 1896.
In 1899 the company amalgamated with Winnipeg Great Northern Railway Company (created originally from Nelson Valley Transportation and Hudson's Bay Railway company in 1880) to become the Canadian Northern Railway.