Varalakshmi or Varalaxmi might refer to:
- Varalakshmi, another name for the goddess Lakshmi, especially on the day of Varalakshmi Vratam
- G. Varalakshmi, veteran South Indian film actress (1926-2006)
- P. R. Varalakshmi, South Indian film actress
- S. Varalakshmi, veteran South Indian film actress and singer
- Varalaxmi Sarathkumar (born 1985), South Indian film actress