| Club: | Wolverhampton Wanderers |
| Season: | 1938–39 |
| Manager: | Major Frank Buckley |
| Mgrtitle: | Manager |
| League: | First Division |
| League Result: | 2nd |
| Cup1: | FA Cup |
| Cup1 Result: | Runners-up |
| League Topscorer: | Dennis Westcott (32) |
| Season Topscorer: | Dennis Westcott (43) |
| Highest Attendance: | 61,305 (vs Liverpool, 11 February 1939; club record) |
| Lowest Attendance: | 18,420 (vs Charlton, 15 April 1939) |
| Average Attendance: | 29,335 (league only) |
| Pattern B1: | _collarblack |
| Pattern So1: | _hoops_black |
| Leftarm1: | db7704 |
| Body1: | db7704 |
| Rightarm1: | db7704 |
| Shorts1: | 000000 |
| Socks1: | db7704 |
| Prevseason: | 1937–38 |
| Nextseason: | 1939–40 |
The 1938–39 season was the 47th season of competitive league football in the history of English football club Wolverhampton Wanderers. They played in the top tier of the English football system, the Football League First Division.
The team finished as runners-up for a second consecutive season and also finished as FA Cup runners-up when they lost the FA Cup final to outsiders Portsmouth. This was to be the final full league campaign until 1946–47 as the following season was cancelled and annulled in September 1939 after the outbreak of World War II.
| width=30 | Pos | Club | width=30 | Pld | width=30 | W | width=30 | D | width=30 | L | width=30 | F | width=30 | A | width=30 | GA | width=30 | Pts |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Everton | 42 | 27 | 5 | 10 | 88 | 52 | 1.692 | 59 | |||||||||
| 2 | Wolverhampton Wanderers | 42 | 22 | 11 | 9 | 88 | 39 | 2.256 | 55 | |||||||||
| 3 | Charlton Athletic | 42 | 22 | 6 | 14 | 75 | 59 | 1.271 | 50 | |||||||||
See also: 1938–39 FA Cup.
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