| Year: | 1932 |
| Team: | SMU Mustangs |
| Sport: | football |
| Conference: | Southwest Conference |
| Short Conf: | SWC |
| Record: | 3–7–2 |
| Conf Record: | 1–4–1 |
| Head Coach: | Ray Morrison |
| Hc Year: | 13th |
| Captain: | Howard Sprague |
| Stadium: | Ownby Stadium |
The 1932 SMU Mustangs football team represented Southern Methodist University (SMU) as a member of the Southwest Conference (SWC) during the 1932 college football season. Led by 13th-year head coach Ray Morrison, the Mustangs compiled an overall record of 3–7–2 with a mark of 1–4–1 in conference play, tying for fifth place in the SWC.