One Down is a 1982 album by the New York based music group Material. The album finds Material moving away from their noisy no wave roots towards funk and R&B. The album was self-produced by Material, and was recorded by Martin Bisi in Brooklyn and Robert Musso in Manhattan. The album sees the band reduced to a duo of keyboardist Michael Beinhorn and bassist Bill Laswell, collaborating with different musicians and singers on each track. Whitney Houston made her recording debut as a lead vocalist on this album, for a version of the song "Memories".

Material was an American band formed in 1979 and operating until 1999, led by producer and bassist Bill Laswell.