Valle Anzasca (Anzasca Valley) is a valley of the Alps , situated in the Pennine range. The valley is drained by the Anza, a tributary of the Toce at Piedimulera . It is situated to the south of the Valle Antrona .

The valley is located in the Province of Verbano-Cusio-Ossola , in the Piedmont region of Italy. It is politically divided into six municipalities: Piedimulera, Calasca-Castiglione , Macugnaga , Bannio Anzino , Vanzone con San Carlo en Ceppo Morelli .

Macugnaga is located at the western most end of the Anzasca valley.