辽东湾
Panjin is located between 40°40'−41°27' N and 121°31'−122°28' E, with its urban section mainly on the historical Liao River Delta. The Shuangtaizi River (which gives name to the city's Shuangtaizi District), formally the smaller western distributary but now the only lower section of the Liao River system, flows through the city and drains into the Liaodong Bay to its west between its Dawa District and Panshan County. The Daliao River, historically Liao River's larger eastern distributary and the main lower section but now a separate river system since 1958, runs east of Panjin, serving as the border between it and the neighboring cities of Anshan and Yingkou.