Waveland is a town in Brown Township, Montgomery County, in the U.S. state of Indiana. The population was 420 at the 2010 census.
Waveland was platted by John Milligan in 1835. The settlement began as a resting place at a good spring between Terre Haute and Lafayette, Indiana. After a trading post and post office were established, Milligan developed the surrounding property. By 1850, the town had three general stores, three churches, two inns, two wagon shops and a blacksmith. Waveland was the boyhood home of American Impressionist T. C. Steele. His parents, Samuel and Harriett, moved to the thriving settlement when Steele was five years old, around 1852. Steele's father rented a saddle shop from John Milligan. Young Steele was enrolled in the outstanding Waveland Academy.