Oak Bay is an upscale eastern suburb (or, Municipality) of Greater Victoria. It is a member of the Capital Regional District. The population is about 13,000. The current mayor of Oak Bay is Christopher Causton , re-elected in 2002 by acclamation. Oak Bay has a reputation throughout Victoria as a hold-out for older residents and wealthy people, because of a combination of a few things:

• The upscale area of the Uplands, with underground wiring and many multi-million-dollar houses,
• A large number of retirement homes and communities (in fact, many of the municipality's most controversial issues have involved the construction and/or renovation of upscale retirement condominiums), and
• Travelling to Oak Bay, within Victoria is referred to as "going behind the tweed curtain", a reference to Oak Bay's association to the United Kingdom. Oak Bay has multitudes of English-style tea rooms, restaurants, antique shops, and other establishments geared towards seniors.

The name "Oak Bay" refers to the Garry oak tree, a sub-type of the Oregon white oak which usually only grows on Vancouver Island.

Prior to the arrival of Europeans, Oak Bay was home to the local Coast Salish people of the Songhees first nation. Evidence of their encampments has been found along local shores, including Willows Beach. Following the establishment of Fort Victoria on the Inner Harbour, the Hudson's Bay Company established Cadboro Bay Farm to supply food for the small settlement. Cattle Point, between Cadboro Bay and Willows Beach recalls the early history of this area. Early European settlers of the area included John Tod, whose home still stands and is reputed to be haunted.

Oak Bay was incorporated as a municipality in 1906. Its first Council included Francis Rattenbury, the architect who designed the Parliament Buildings and Empress Hotel located on the inner harbour in Victoria. Rattenbury's own home on Beach Drive is now used as the junior campus for Glenlyon Norfolk School. In the 1920s the former farm lands of the Hudson's Bay Company were subdivided to create the Uplands area, but development was hampered by the Great Depression. After World War II development of expensive homes in the Uplands was accompanied by the construction of many more modest dwellings in the Estevan, Willows and South Oak Bay neighbourhoods. In addition to being an attractive retirement area, Oak Bay has also long appealed to families with young children. Two public elementary schools and Oak Bay High, a comprehensive public high school, are located within Oak Bay, as well as the junior schools for Glenlyon Norfolk House and St. Michael's University School.

The expansive campus of the University of Victoria (founded in 1963)is also partly located within the boundaries of the District of Oak Bay.