Anchorage, a consolidated city-borough, is located in South Central Alaska. It lies slightly farther north than Oslo, Helsinki and St. Petersburg. It is northeast of the Alaska Peninsula, Kodiak Island, and Cook Inlet, due north of the Kenai Peninsula, northwest of Prince William Sound and Alaska Panhandle, and nearly due south of Mount McKinley/Denali.

Anchorage is on a strip of coastal lowland and extends up the lower alpine slopes of the Chugach Mountains. To the south is Turnagain Arm, a fiord that has some of the world's highest tides. Knik Arm, another tidal inlet, lies to the west and north. The Chugach Mountains on the east form a boundary to development, but not to the city limits, which encompass part of the wild alpine territory of Chugach State Park.