AbstractHigh‐resolution digital elevation models (DEMs) have revolutionized research in geomorphology by allowing for detailed quantitative analysis of Earth's surface. Satellite stereo images offer the promise of expanding the availability of high‐resolution DEMs over broad areas, but rigorous evaluation of the scientific application of these datasets remains limited. In this study, we consider DEMs built using stereo pairs of high‐resolution (0.5 m) satellite imagery and the open‐source DEM extraction algorithm, Surface Extraction from TIN Space‐search Minimization (SETSM). We selected locations across a range of landscapes to evaluate the application of these DEMs to geomorphic problems, with particular attention to hillslope analyses where high spatial resolution has been shown to be important for revealing topographic signatures of tectonic and environmental processes. We compared the quality of SETSM 2 m DEMs to LiDAR‐derived DEMs and the widely available SRTM‐30 m and ALOS‐30 m DEMs by comparing the elevation data and derivative products (e.g., slope, aspect, and curvature). We found that SETSM DEMs performed noticeably better than SRTM and ALOS DEMs, but with systematic biases relative to LiDAR DEMs in regions with vegetation. Moreover, noise in the initial SETSM elevation data is amplified with every subsequent derivative, significantly decreasing quality. Finally, we evaluated the potential use of SETSM products for change detection. Applying DEM differencing to a major landslide, we found volume and sediment thickness from SETSM DEMs were similar to volumes and thicknesses from other studies. This example illustrates the capabilities of SETSM and other satellite‐based stereo‐photogrammetry for contributing to rapid response after natural disasters. Overall, we conclude that DEMs derived from satellite image stereo‐photogrammetry can markedly improve on lower resolution global elevation data for terrain analysis and can open possibilities for change detection, but that care needs to be taken in their application especially in regions with significant vegetation.