Balsam is the resinous exudate (or sap) which forms on certain kinds of trees and shrubs, particularly species belonging to genera such as Myroxylon, Abies, Copaifera, Styrax, and Populus. They may occur naturally as resinous exudates following injury to bark or wood tissues. Balsam (from Latin: balsamum "gum of the balsam tree", ultimately from a Semitic source such as Hebrew: בֹּשֶׂם, romanized: bośem, lit. 'spice, perfume') owes its name to the biblical Balm of Gilead.

Balsams often contain benzoic or cinnamic acid or their esters.
The Balsam of Matariyya was a substance famous as a panacea among physicians in the Middle East and Europe during the Antique and Medieval periods. The substance has long been used as a medicine, with early references to the substance recorded as far back as 285 BC. The Balsam of Matariyya was said to be derived from an Egyptian plant and is sometimes also referred to as the balm of Gilead or the balm of Mecca.
Some balsams, such as Balsam of Peru, may be associated with allergies. In particular, Euphorbia latex ("wolf's milk") is strongly irritant and is cytotoxic.