Punaluu (pronounced ) is a census-designated place and rural community in the Koolauloa District on the island of , City & County of Honolulu, Hawaii, United States. In Hawaiian, punaluu means "coral dived for", or in the case of the fishpond once located here, possibly "spring dived for". There is a very small commercial center located beside Punaluu Stream, and several condominium projects, including a high-rise building, located at Haleaha Beach and Kaluanui Beach. At the 2010 Census, the CDP had a population of 1,164.
A fringing reef extends off the shoreline. There are several beaches and a beach park in Punaluu, including Punaluu Beach Park, Punaluu Beach, Haleaha Beach, and Kaluanui Beach. Sugar cane was once grown on the narrow coastal plain inland from the highway.
The U.S. postal code for Punaluu is 96717.