Princess Mathilde of Saxony, Duchess of Saxony (19 March 1863, Dresden, Saxony – 27 March 1933, Dresden, Saxony, Germany) was the third child and third-eldest daughter of George of Saxony and his wife, Maria Anna of Portugal. She was an elder sister of the Kingdom of Saxony's last king, Frederick Augustus III of Saxony.

As a young girl, Mathilde was quiet and gentle, but she was not especially good-looking. Her father, George of Saxony, had planned a marriage between Mathilde and Archduke Rudolf, Crown Prince of Austria, Hungary, and Bohemia, however Rudolf rejected this arrangement and instead married Princess Stéphanie of Belgium.

It was then agreed that Mathilde would marry a nephew of Emperor Franz Joseph I and the presumptive heir to the Austro-Hungarian throne, Archduke Franz Ferdinand. However, dynastic relations between the Saxon royal family and the Habsburgs were once again strained when Franz Ferdinand chose to marry morganatically Sophie Chotek, Countess of Chotkov and Vojnín. (Relations between the two nations improved only when Mathilde's younger sister Maria Josepha married her second cousin, Archduke Otto Francis.)