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In Western tradition, an engagement ring is a ring worn by a woman on her left-hand ring finger indicating her engagement to be married. By modern convention, the ring is usually presented as a betrothal gift by a man to his prospective bride while or directly after she accepts his marriage proposal. It represents a formal agreement to future marriage.
Similar traditions purportedly date to classical times, dating back from an early usage reportedly referring to the fourth finger of the left hand as containing the vena amoris or "vein of love".

In the United States today, it is becoming more common, but still quite rare, that a woman will also buy an engagement or promise ring for her partner at the time of the engagement.

In Sweden, Denmark, Finland and Germany, both the man and the woman wear engagement rings. However, in these countries the man's engagement ring is often used as the Wedding ring. (In Germany often the engagement rings for both partners are plain gold or platinum bands, worn on the left hand, which are then moved to the right hand and used as the wedding bands once they get married.) The female usually gets a diamond wedding ring. Nowadays some men wear two rings, but this is still rare.

In Western societies the cost of an engagement ring has traditionally ranged from two weeks wages, to the early 21st century norm of one month to as much as three months of the man's wages. The source of these recommendations is often the jewellery industry. In the United States, de Beers and some jewellery merchants have promoted a general guideline of two or three months' pay. A spokesperson from Tiffany’s Australia, quoted on the television program A Current Affair (February 1, 2005), suggested that a man should spend two to three month's salary on an engagement ring.

Designs of such rings have varied greatly over the years. It is typically a precious band, and mounts a diamond or other gem. Current fashions for engagement rings are for a gold, platinum, or silver band with a single diamond. The establishment of the diamond engagement ring as a standard in Western culture is a result of one of the most successful advertising campaigns in history, by the world's leading diamond producer de Beers, in the 1940s.
An engagement ring is often intentionally expensive as a sign of a man's permanency. The argument for a diamond is that it is the most enduring, beautiful, and expensive gem. Some people prefer different gems or semiprecious stones. Sapphires, star sapphires, emeralds, and rubies are often used in engagement rings. Pearls and opals are rare, because these are soft stones.

In some European countries such as Germany, Norway and Denmark, engagement rings are usually plain gold bands without a gem. In others such as France, engagement rings usually mount a coloured gem rather than a diamond.

Gold and platinum are recommended by many jewellers, not only because of their inherently higher value, but because they are much more durable than silver. Often a gold or silver ring will employ a platinum setting because it will better protect the stone.

Titanium and stainless steel are becoming more popular because of their lower cost and higher strength. These materials allow for a type of setting called a tension setting which is popular because it causes the illusion of a floating stone. Titanium and steel must be milled on a lathe because the temperatures required for proper fabrication are much too high for a small jewellery operation. A titanium ring might cause problems with removal in case of an emergency, as hospital tools are unable to cut some grades of titanium, although the titanium ring maker's FAQ challenges this notion. The results of their tests have shown that a manual ring cutter can cut through a ring in less than two minutes and electric tools would be faster.

The inception of the engagement ring itself can be tied to the Fourth Lateran Council presided over by Pope Innocent III in 1215. Innocent declared a longer waiting period between betrothal and marriage; plain rings of gold, silver or iron were used earliest. Gems were important and reassuring status symbols to the aristocracy. Laws were passed to preserve a visible division of social rank, ensuring only the privileged wore florid jewels. As time passed, and laws relaxed, diamonds and other gems became available to the middle class people.

At one time, engagement rings mounted sets of stones. One traditional sentimental pattern mounted six to celebrate the joining of two families: The birthstones of the bride's parents and the bride (on the left), and the birth stones of the groom and his parents (on the right). The parents' stones were mounted with the mother to the left of the father. The bride and groom's birthstones would be adjacent in the centre. Another similar pattern, for four stones, mounted the birthstone of the parents' marriages, and the birthstones of the bride and groom. These token rings often disassembled, to expose a channel in which a lock of the suitor's hair could be treasured.

The first recorded diamond engagement ring was presented by the Archduke Maximillian of Austria to Mary of Burgundy as a betrothal gift in 1477. However, the diamond engagement ring did not become the standard it is considered today until after an extensive marketing campaign by De Beers in the middle of the 20th century.
A Victorian tradition was the Regards ring, in which the initials of the precious gems used spelled out the word 'regards'.
In the early 20th century, the jewellery industry in the United States attempted to start a trend of male engagement rings; going so far as to create a supposed "historical precedent" dating back to medieval times. The attempt failed, although the industry applied lessons learned from this venture in its more successful bid to encourage use of male wedding rings.