Lionhead Studios Ltd. was a British video game developer, formerly led by Peter Molyneux. It was acquired by Microsoft Studios in 2006. Lionhead started as a breakaway from developer Bullfrog Productions, which was also founded by Molyneux. Lionhead's first game was Black & White, a god game with elements of artificial life and strategy games. Black & White was published by Electronic Arts in 2001. Lionhead Studios is named after Mark Webley's hamster, which died not long after the naming of the studio.

Black & White was followed up with the release of an expansion pack named Black & White Creature Isle. Lionhead released Fable, from satellite developer Big Blue Box. In 2005, Lionhead released The Movies and Black & White 2. On 6 April 2006, it was announced that Lionhead Studios was to be purchased by Microsoft.

On 7 March 2016, Microsoft announced that it had proposed closing Lionhead Studios and that the planned game Fable Legends would be cancelled. On 29 April 2016, Lionhead Studios closed down.