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Ashaway is an unincorporated village and census-designated place (CDP) in the town of Hopkinton, Rhode Island, United States. It is a principal village of Hopkinton, along with Hope Valley, although it is the smaller of the two. As of the 2020 census, Ashaway had a population of 1,501. The name Ashaway is derived from the American Indian name for the river that runs through the village, the Ashawague or Ashawaug, which means "land in the middle" or "land between" in the Niantic and Mohegan languages. The name "Ashawague River" appears as late as 1832 on the Findley map of Rhode Island published in Philadelphia.