The Peppin Merino is a breed of Merino sheep raised for their wool, mostly in Australia. So important is the Peppin Merino that wool producers throughout Australia often classify their sheep simply as being either Peppin, or non-Peppin.

The Merino is a breed or group of breeds of domestic sheep, characterised by very fine soft wool. It was established in Spain near the end of the Middle Ages, and was for several centuries kept as a strict Spanish monopoly; exports of the breed were not allowed, and those who tried risked capital punishment. During the eighteenth century, flocks were sent to the courts of a number of European countries, including France, Hungary, the Netherlands, Prussia, Saxony and Sweden.