Newberry, Volcano, a large Quaternary volcano located about 60 km east of the axis of the High Cascades volcanoes in central Oregon, has a coincident positive residual gravity anomaly of about 12 mGals. Model calculations of the gravity anomaly field suggest that the volcano is underlain by an intrusive complex of mafic composition of about 20-km diameter and 2-km thickness, at depths above 4 km below sea level. However, uplifted basement in a northwest trending ridge may form part of the underlying excess mass, thus reducing the volume of the subvolcanic intrusive. A ring dike of mafic composition is inferred to intrude to near-surface levels along the caldera ring fractures, and low-density fill of the caldera floor probably has a thickness of 0.7--0.9 km. The gravity anomaly attributable to the volcano is reduced to the east across a north-northwest trending gravity anomaly gradient through Newberry caldera and suggests that normal, perhaps extensional, faulting has occurred subsequent to caldera formation and may have controlled the location of some late-stage basaltic and rhyolitic eruptions. Significant amounts of felsic intrusive material may exist above the mafic intrusive zone but cannot be resolved by the gravity data.