Silver Bay is a city in Lake County, Minnesota, United States. The population was 1,857 at the time of the 2020 census. It is the largest population center in a natural tourism area which includes Tettegouche State Park and the Split Rock Lighthouse. While Silver Bay is a port along Lake Superior for iron ore, it does not have taconite mining facilities of its own. However, the town does have a processing plant ran by Cleveland-Cliffs.