Panacea is an unincorporated community and a census-designated site within Wakulla County, Florida. It sits at an elevation of 3.0 meters above sea level. The population was 735 according to the 2020 census, down from 816 in 2010. Panacea is part of the Tallahassee metropolitan area. Situated between the St. Marks National Wildlife Refuge and the Apalachicola National Forest, Panacea is considered a haven for nature lovers.