Lyricist Lounge, Volume One is the second hip-hop compilation album by American record label Rawkus Records. The double-disc was released on May 5, 1998, as the first installment of the Lyricist Lounge album series, based on New York's Lyricist Lounge showcases.

Recording sessions took place at Temple of Soul, Firehouse Studios, at Animation Sound, at Ozone Studios, at Soundtrack Studios, at Poke's Crib, at Animal Tracks Studios, at D's House, at Platinum Island Studios, at Unique Studios, at Mark Dann Recording Studios, at Rawkus Studios and at Circus Studios in New York City, at The Chop Shop in New Jersey, at the Red October Chemical Storage Facility in Los Angeles with additional recording at Westlake Audio.

Production was handled by Shawn J Period, 88-Keys, Kenny Diaz, Will Tell, Charlemagne, Curt Cowdy, Cut Chemist, Derrick Trotman, DJ Nu-Mark, DJ Scratch, El-P, Ge-Ology, G.M., Hi-Tek, Keith Horne, Megahertz, Native Sun, Nottz, Saul Williams, Stix Bones and V.I.C., with Danny Castro, Ant Marshall and Perry Landsberg serving as executive producers.