Willoughby Waterleys (formerly known as Willoughby Waterless) is a small village and civil parish in the Harborough district of Leicestershire, England. It is situated near the A426 Leicester–to–Lutterworth road. Nearby villages are Ashby Magna, Peatling Magna and Countesthorpe. Main Street is the basis of the village running north to south, there have been some new developments such as bungalows and large detached houses however many farms still remain in the parish.