Rudolph the Red-Nosed Reindeer and the Island of Misfit Toys is a 2001 direct-to-video animated Christmas adventure musical film directed by Bill Kowalchuk for GoodTimes Entertainment. It was released on VHS and DVD on October 30, 2001. The film takes place after the events of the original special, and revisits characters such as Yukon Cornelius, Hermey the elf (now a dentist), Abominable Snow Monster (Bumble) and Rudolph the Red-Nosed Reindeer, who is now famous in the North Pole.

GoodTimes Entertainment, three years prior, had released Rudolph the Red-Nosed Reindeer: The Movie, which was set in a separate continuity with different supporting characters. Golden Books Family Entertainment was retained as the production company. The voice cast includes Rick Moranis, Jamie Lee Curtis and Richard Dreyfuss, among others. Unlike the 1964 special, CGI animation was used instead of stop motion puppetry.

A cover of the eponymous song is performed by Tony Bennett and plays during the film's opening and closing credits.