Panola is an unincorporated community in Panola County, Texas, United States. According to the Handbook of Texas, the community had an estimated population of 296 in 2000. Panola is located at 32°21′29″N 94°05′29″W﻿ / ﻿32.35806°N 94.09139°W﻿ / 32.35806; -94.09139 (32.3579347, -94.0912991). It is situated at the junction of U.S. Highway 79 and FM 9 in northeastern Panola County, approximately 20 miles northeast of Carthage. Although it is unincorporated, Panola has a post office, with the ZIP code of 75685..