Toivo Aarne Loukola (October 2, 1902 - January 10, 1984) was a Finnish athlete, winner of 3000 m steeplechase at the 1928 Summer Olympics.

Born in Kortesjärvi, Toivo Loukola ran a new 3000 m steeplechase unofficial world record of 9.25.2 just a month before the Olympic Games.

At Amsterdam, Loukola first finished seventh in 10 000 m race and then won easily his 3000 m steeplechase heat. In the final the main favourites are the Finns Paavo Nurmi, Ville Ritola and Loukola, their leading steeplechase specialist, who had the best hopes for gold, because the firstnamed were worn by their injuries and the gruelling 5000 m race of the previous day.

Athough Ritola gave up soon, the Finns were still going to the first three places. After 2000 m, when Nurmi had trouble at hurdles, Loukola made an attack and developed a 30 m gap to the rest of the field, which he would hold until the finish. Loukola won with a new world record of 9.21.8, finishing almost 10 seconds ahead of second-placed Nurmi.