diff --git a/proxy/config/config.go b/proxy/config/config.go
index c4387f4..945a9d4 100644
--- a/proxy/config/config.go
+++ b/proxy/config/config.go
@@ -667,11 +667,32 @@ func substituteMacroInValue(value any, macroName string, macroValue any) (any, e
 	}
 }
 
-// substituteEnvMacros replaces ${env.VAR_NAME} with environment variable values
-// Returns error if any env var is not set or contains invalid characters
+// substituteEnvMacros replaces ${env.VAR_NAME} with environment variable values.
+// Returns error if any referenced env var is not set or contains invalid characters.
+// Env macros inside YAML comments are ignored by unmarshalling the YAML first
+// (which strips comments) and only checking the comment-free version for macros.
 func substituteEnvMacros(s string) (string, error) {
-	result := s
-	matches := envMacroRegex.FindAllStringSubmatch(s, -1)
+	// Unmarshal and remarshal to strip YAML comments
+	var raw any
+	if err := yaml.Unmarshal([]byte(s), &raw); err != nil {
+		// If YAML is invalid, fall back to scanning the original string
+		// so the user gets the env var error rather than a confusing YAML parse error
+		return substituteEnvMacrosInString(s, s)
+	}
+	clean, err := yaml.Marshal(raw)
+	if err != nil {
+		return substituteEnvMacrosInString(s, s)
+	}
+
+	return substituteEnvMacrosInString(s, string(clean))
+}
+
+// substituteEnvMacrosInString finds ${env.VAR} macros in scanStr and substitutes
+// them in target. This separation allows scanning comment-free YAML while
+// substituting in the original string.
+func substituteEnvMacrosInString(target, scanStr string) (string, error) {
+	result := target
+	matches := envMacroRegex.FindAllStringSubmatch(scanStr, -1)
 	for _, match := range matches {
 		fullMatch := match[0] // ${env.VAR_NAME}
 		varName := match[1]   // VAR_NAME
diff --git a/proxy/config/config_test.go b/proxy/config/config_test.go
index a19cbb5..49bbdc9 100644
--- a/proxy/config/config_test.go
+++ b/proxy/config/config_test.go
@@ -1308,4 +1308,68 @@ peers:
 		assert.Contains(t, err.Error(), "peers.openrouter.filters.setParams")
 		assert.Contains(t, err.Error(), "unknown macro")
 	})
+
+	t.Run("env macros in comments are ignored", func(t *testing.T) {
+		content := `
+# apiKeys:
+#   - "${env.COMMENTED_OUT_KEY_1}"
+#   - "${env.COMMENTED_OUT_KEY_2}"
+models:
+  test:
+    cmd: "server"
+    proxy: "http://localhost:8080"
+`
+		// These env vars are NOT set, but should not cause an error
+		// because they only appear in comment lines
+		config, err := LoadConfigFromReader(strings.NewReader(content))
+		assert.NoError(t, err)
+		assert.Empty(t, config.RequiredAPIKeys)
+	})
+
+	t.Run("env macros in comments ignored while active ones resolve", func(t *testing.T) {
+		t.Setenv("TEST_ACTIVE_KEY", "active-key-value")
+
+		content := `
+# apiKeys: ["${env.COMMENTED_OUT_KEY}"]
+apiKeys: ["${env.TEST_ACTIVE_KEY}"]
+models:
+  test:
+    cmd: "server"
+    proxy: "http://localhost:8080"
+`
+		config, err := LoadConfigFromReader(strings.NewReader(content))
+		assert.NoError(t, err)
+		assert.Equal(t, []string{"active-key-value"}, config.RequiredAPIKeys)
+	})
+
+	t.Run("env macros in indented comments are ignored", func(t *testing.T) {
+		content := `
+models:
+  test:
+    cmd: |
+      server
+      --port 8080
+    proxy: "http://localhost:8080"
+    # metadata:
+    #   api_key: "${env.SOME_UNSET_KEY}"
+`
+		_, err := LoadConfigFromReader(strings.NewReader(content))
+		assert.NoError(t, err)
+	})
+
+	t.Run("env macros in inline comments are ignored", func(t *testing.T) {
+		t.Setenv("TEST_INLINE_KEY", "real-value")
+
+		content := `
+apiKeys: ["${env.TEST_INLINE_KEY}"] # TODO: add ${env.FUTURE_KEY} later
+models:
+  test:
+    cmd: "server"
+    proxy: "http://localhost:8080"
+`
+		config, err := LoadConfigFromReader(strings.NewReader(content))
+		assert.NoError(t, err)
+		assert.Equal(t, []string{"real-value"}, config.RequiredAPIKeys)
+	})
+
 }