Deepwater River, a mostly perennial stream of the Dumaresq-Macintyre catchment within the Murray–Darling basin, is located in the Northern Tablelands district of New South Wales, Australia. The river rises on the western slopes of the Great Dividing Range, near Old Man Gibber, east of Deepwater, and flows generally north northwest, west, and then west, before reaching its confluence with Bluff River to form the Mole River, near Sandy Flat; descending 479 m over its 84 km course. The New England Highway crosses the river at the settlement of.