Pony is an unincorporated community in northeastern Madison County, Montana, United States on the eastern edge of the Tobacco Root Mountains. It includes the 192-acre (78 ha) Pony Historic District, a historic district with 95 contributing buildings listed on the National Register of Historic Places.
The town gained its name from the nickname of one of its early miners, Tecumseth Smith, a small man nicknamed "Pony" because of his diminutive size.
Settled in the 1860s, in the late nineteenth century, Pony was a prosperous gold-mining community with at least 5,000 residents. Mining operations declined in the early 20th century and all were closed by 1922. A number of historic buildings from Pony's boom era remain in the old town today.
Former Montana Lieutenant Gov. Karl Ohs owned a ranch in Pony.