The 1937–38 SM-sarja season was played between 5 teams from 3 cities. Each team played 4 games.
| SM-sarja | GP | W | T | L | Pts | GF | GA |
|---|---|---|---|---|---|---|---|
| Ilves Tampere | 4 | 4 | 0 | 0 | 8 | 14 | 5 |
| HJK Helsinki | 4 | 3 | 0 | 1 | 6 | 12 | 7 |
| 4 | 2 | 0 | 2 | 4 | 11 | 12 | |
| 4 | 0 | 1 | 3 | 1 | 4 | 10 | |
| 4 | 0 | 1 | 3 | 1 | 3 | 10 | |
Ilves wins the 1937–38 SM-sarja championship