The fourth season of Svenska Serien, at the time Sweden's top-tier hockey league, was scheduled to be held over the winter of 1938–39, but due to a harsh winter, the series was played as a shortened single-round robin tournament in the autumn of 1939, immediately before the start of the 1939–40 season. For this reason, there was no promotion or relegation as a result of this tournament. Hammarby IF went undefeated, winning all seven matches, to win the league title. This was the first time Hammarby finished first-place in Svenska Serien, and the fourth time Hammarby finished first in Sweden's first-tier league (which had previously been Klass I and Elitserien).
| !Team | GP | W | T | L | +/- | P | ||
|---|---|---|---|---|---|---|---|---|
| 1 | 7 | 7 | 0 | 0 | 20 - 3 | 14 | ||
| 2 | 7 | 4 | 2 | 1 | 9 - 9 | 8 | ||
| 3 | 7 | 4 | 1 | 2 | 14 - 9 | 9 | ||
| 4 | 7 | 4 | 0 | 3 | 19 - 10 | 9 | ||
| 5 | 7 | 3 | 0 | 4 | 11 - 12 | 6 | ||
| 6 | 7 | 2 | 0 | 5 | 6 - 14 | 4 | ||
| 7 | 7 | 1 | 1 | 5 | 9 - 23 | 3 | ||
| 8 | 7 | 0 | 2 | 5 | 7 - 15 | 2 |