Little Squam Lake is a 408 acre water body located in Grafton County in the Lakes Region of central New Hampshire, United States, in the towns of Holderness and Ashland. The lake connects upstream via a short channel to Squam Lake in Holderness. The two lakes are maintained at a common water level by a dam located one mile downstream from the outlet of Little Squam Lake, on the Squam River, a tributary of the Pemigewasset River.