Waterfalls Canyon is located in Grand Teton National Park

Grand Teton National Park

Grand Teton National Park is a United States National Park located in northwestern Wyoming, U.S. The Park consists of approximately and includes the major peaks of the long Teton Range as well as most of the northern sections of the valley known as Jackson Hole. Only south of Yellowstone...

, in the U. S. state of Wyoming

Wyoming

Wyoming is a state in the mountain region of the Western United States. The western two thirds of the state is covered mostly with the mountain ranges and rangelands in the foothills of the Eastern Rocky Mountains, while the eastern third of the state is high elevation prairie known as the High...

. The canyon was formed by glacier

Glacier

A glacier is a large persistent body of ice that forms where the accumulation of snow exceeds its ablation over many years, often centuries. At least 0.1 km² in area and 50 m thick, but often much larger, a glacier slowly deforms and flows due to stresses induced by its weight...

s which retreated at the end of the last glacial maximum

Last Glacial Maximum

The Last Glacial Maximum refers to a period in the Earth's climate history when ice sheets were at their maximum extension, between 26,500 and 19,000–20,000 years ago, marking the peak of the last glacial period. During this time, vast ice sheets covered much of North America, northern Europe and...

 approximately 15,000 years ago, leaving behind a U-shaped valley

U-shaped valley

A U-shaped valley also known as a glacial trough is one formed by the process of glaciation. It has a characteristic U-shape, with steep, straight sides, and a flat bottom. Glaciated valleys are formed when a glacier travels across and down a slope, carving the valley by the action of scouring...

. Waterfalls Canyon is south of Ranger Peak

Ranger Peak

Ranger Peak is in the northern Teton Range, Grand Teton National Park, Wyoming. The peak is located slightly northwest of and across Jackson Lake from Colter Bay Village. Colter Canyon is to the north while Waterfalls Canyon is immediately southeast of the peak, but there are no maintained trails...

 and north of Eagles Rest Peak

Eagles Rest Peak

Eagles Rest Peak is in the northern Teton Range, Grand Teton National Park, Wyoming. The peak is located west of and across Jackson Lake from Colter Bay Village. The peak rises dramatically almost above Jackson Lake in less than . Waterfalls Canyon is to the north of the peak and Snowshoe Canyon...

 and the entrance to the canyon is along the western shore of Jackson Lake

Jackson Lake

Jackson Lake is a lake located in north western Wyoming in Grand Teton National Park. The lake is natural, except for the top 33 feet , which is due to the construction of Jackson Lake Dam, built in 1911. This top level of the lake is utilized by farmers in Idaho for irrigation purposes...

, directly across the lake from the Colter Bay Village

Colter Bay Village

Colter Bay Village is a developed area of Grand Teton National Park, Wyoming, USA. Located on the northeast side of Jackson Lake, it was built starting in the 1950s as part of the National Park Service's Mission 66 program to expand park visitor services and to adapt them to the requirements of...

. There are several cascades in the canyon, including Wilderness Falls and Columbine Cascade, which descend from an unnamed lake below Ranger Peak.