1932 Országos Bajnokság I (men's water polo) was the 26th water polo championship in Hungary. There were nine teams whose divided into two groups because of the Olympics. Group A played for the championship, here were five teams who played one-round match for the title. Group B played avoid relegation, here were four teams who played two-round match. At the end of the regular season the Group A 5th place team and the Group B 1st team played placement match for fifth place.
| Team | M | W | D | L | G+ | G− | P | |
|---|---|---|---|---|---|---|---|---|
| 1. | Újpesti TE | 4 | 3 | 0 | 1 | 13 | 9 | 6 |
| 2. | MAC | 4 | 2 | 1 | 1 | 11 | 8 | 5 |
| 3. | III. ker. TVE | 4 | 2 | 1 | 1 | 8 | 6 | 5 |
| 4. | MTK | 4 | 2 | 0 | 2 | 11 | 12 | 4 |
| 5. | MOVE Eger SE | 4 | 0 | 0 | 4 | 4 | 12 | 0 |
* M: Matches W: Win D: Drawn L: Lost G+: Goals earned G−: Goals got P: Point
| Team | M | W | D | L | G+ | G− | P | |
|---|---|---|---|---|---|---|---|---|
| 1. | Szegedi UE | 6 | 4 | 1 | 0 | 14 | 7 | 9 |
| 2. | Ferencvárosi TC | 6 | 3 | 1 | 2 | 19 | 12 | 7 |
| 3. | BBTE | 6 | 1 | 2 | 3 | 14 | 19 | 4 |
| 4. | BSZKRT SE | 6 | 2 | 0 | 4 | 12 | 21 | 4 |
Fifth place game: MOVE Eger SE–Szegedi UE 4:2