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Eldorado is a town in Jackson County, Oklahoma, situated on State Highway 6 just seven miles north of the Red River.

The name Eldorado, a Spanish word meaning "the gilded one" that came to suggest a place of fabulous wealth, was suggested by Walter Thompson, a local schoolteacher.

Eldorado's post office was established on September 1, 1890, and the townsite shifted several times before settling permanently along the railroad.

Eldorado's townsite plat was filed on April 21, 1902; the St. Louis and San Francisco Railway was completed through town on February 7, 1903, and Eldorado incorporated on April 19, 1904.

James Scarborough founded Eldorado's first newspaper, the Eldorado Light, in 1901.

Eldorado's population peaked at 1,183 in 1930, and school enrollment had already reached four hundred students by 1912.

In 1933, Dr. J. Willis Stovall of the University of Oklahoma discovered Columbian mammoth bones northwest of Eldorado; the bones are now exhibited at the Sam Noble Oklahoma Museum of Natural History in Norman.

Eldorado was the birthplace of W. A. Criswell, born there in 1909, who became the longtime pastor of the First Baptist Church of Dallas, Texas.

Eldorado had just 317 residents living in 136 households at the 2020 census, less than a third of its 1930 peak, and over 41 percent of its housing units stood vacant.

Eldorado is diversifying: 27.1 percent of its residents were Hispanic or Latino at the 2020 census.