The Yellowstone Caldera is the volcanic caldera and supervolcano located in Yellowstone National Park in the United States, sometimes referred to as the Yellowstone Supervolcano. The caldera and most of the park are located in the northwest corner of Wyoming.he next biggest supereruption formed the Yellowstone Caldera (640,000 years ago) and produced the Lava Creek Tuff. The Henry's Fork Caldera (1.2 million years ago) produced the smaller Mesa Falls Tuff but is the only caldera from the Snake River Plain-Yellowstone (SRP-Y) hotspot that is plainly visible today.