Moraleda Channel is a body of water separating the Chonos Archipelago from the mainland of Chile. It is located at , leading to Gulf of Corcovado. Southward from the mouth of the Aisén Fjord, Moraleda Channel divides into two arms. The east arm, called Canal Costa (Costa Channel), is the main one. Farther south the name changes to Estero Elefantes (Elefantes Estuary), which terminates in the gulf of the same name. The channel runs along the Liquiñe-Ofqui Fault.