Butternut is a village in Ashland County in the U.S. state of Wisconsin. The population was 366 at the 2020 census. Butternut is located at 46°0′50″N 90°29′41″W / 46.01389°N 90.49472°W. According to the United States Census Bureau, the village has a total area of 1.61 square miles, all of it land.