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Žarko Varajić (Serbian Cyrillic: Жарко Варајић; born December 26, 1951 in Nikšić, Montenegro, SFR Yugoslavia) is a retired Montenegrin-born Serbian basketball player that represented SFR Yugoslavia as a player.
In 1979 Žarko Varajić scored 45 points - the record in the number of points scored in the final matches of the European Champions' Cup (now days the Euroleague) during the period he played with Bosna Sarajevo against the Italian Emerson Varese in Bosna's triumph 96-93, in Grenoble, France.
Varajić is currently employed at Serbian Basketball Federation as a coordinator responsible for Serbian youth national teams.