Peggy Shannon (January 10, 1907– May 11, 1941) was an American actress. She appeared on the stage and screen of the 1920s and 1930s.
Shannon began her career as a Ziegfeld girl in 1923 before moving on to Broadway productions. She was signed to Paramount Pictures and groomed to replace Clara Bow as the newest "It girl", whom she replaced in the 1931 film The Secret Call. Shannon's growing dependency on alcohol eventually derailed her career. She appeared in her final film, Triple Justice, in 1940.
In May 1941, Shannon died at the age of 34 of a heart attack brought on by her alcohol abuse. Her husband, Albert G. Roberts, shot himself three weeks after her death