We construct a supergravity solution describing a charged rotating black ring with S^2xS^1 horizon in a five dimensional asymptotically flat spacetime. In the neutral limit the solution is the rotating black ring recently found by Emparan and Reall. We determine the exact value of the lower bound on J^2/M^3, where J is the angular momentum and M the mass; the black ring saturating this bound has maximum entropy for the given mass. The charged black ring is characterized by mass M, angular momentum J, and electric charge Q, and it also carries local fundamental string charge. The electric charge distributed uniformly along the ring helps support the ring against its gravitational self-attraction, so that J^2/M^3 can be made arbitrarily small while Q/M remains finite. The charged black ring has an extremal limit in which the horizon coincides with the singularity.