| Season: | 1938–39 |
| Winners: | F.C. Porto 2nd title |
| Matches: | 56 |
| Total Goals: | 273 |
| Prevseason: | 1937–38 (Campeonato da Liga) |
| Nextseason: | 1939–40 |
The 1938–39 Primeira Divisão season was the fifth season of top-tier football in Portugal. The competition was renamed Campeonato Nacional da Primeira Divisão (National Championship of the First Division) or Primeira Divisão for short.
It was contested by 8 teams, and F.C. Porto won the championship.