UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
                       Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934


                                January 18, 2007
                Date of Report (Date of earliest event reported)


                              CALLAWAY GOLF COMPANY

             (Exact name of registrant as specified in its charter)


      DELAWARE                            1-10962               95-3797580

(State or other jurisdiction            (Commission            (IRS Employer
    of incorporation)                   File Number)         Identification No.)


        2180 RUTHERFORD ROAD, CARLSBAD, CALIFORNIA                    92008-7328

         (Address of principal executive offices)                     (Zip Code)

                                 (760) 931-1771

               Registrant's telephone number, including area code


                                 NOT APPLICABLE

         (Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act
    (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
    (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
    Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
   Act (17 CFR 240.13e-4(c))



Item 2.02 Results of Operations and Financial Condition.*

         On January 18, 2007, Callaway Golf Company issued a press release
captioned "Callaway Golf Company Releases Preliminary Full Year 2006 Results." A
copy of the press release is attached hereto as Exhibit 99.1 and incorporated
herein by this reference.

Item 9.01 Financial Statements and Exhibits.*

        (c) Exhibits.
            ---------

                The following exhibit is being furnished herewith:

                Exhibit 99.1    Press Release, dated January 18, 2007, captioned
                                "Callaway Golf Company Releases Preliminary Full
                                Year 2006 Results."

* The information furnished under Item 2.02 and Item 9.01 of this Current Report
on Form 8-K, including Exhibit 99.1, shall not be deemed to be "filed" for the
purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liabilities of that section, nor shall it be deemed
incorporated by reference in any registration statement or other filing under
the Securities Act of 1933, as amended, except as shall be expressly set forth
by specific reference in such filing.


                                   SIGNATURES

      Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                        CALLAWAY GOLF COMPANY


Date: January 18, 2007                  By: /s/ Bradley J. Holiday
                                            ----------------------
                                            Name:    Bradley J. Holiday
                                            Title:   Senior Executive Vice
                                                     President and Chief
                                                     Financial Officer



                                  Exhibit Index

Exhibit Number          Description
--------------          -----------
    99.1                Press release, dated January 18, 2007, captioned
                        "Callaway Golf Company Releases Preliminary Full Year
                        2006 Results."