| Year: | 1938 |
| Team: | New Mexico Lobos |
| Sport: | football |
| Conference: | Border Conference |
| Short Conf: | Border |
| Record: | 8–3 |
| Conf Record: | 4–2 |
| Head Coach: | Ted Shipkey |
| Hc Year: | 2nd |
| Stadium: | University Stadium |
| Champion: | Border co-champion |
| Bowl: | Sun Bowl |
| Bowl Result: | L 0–26 vs. Utah |
The 1938 New Mexico Lobos football team represented the University of New Mexico as a member of the Border Conference during the 1938 college football season. In their second season under head coach Ted Shipkey, the Lobos compiled an overall record of 8–3 record with a mark of 4–2 against conference opponents, shared the Border Conference championship with New Mexico A&M, lost to Utah in the 1939 Sun Bowl, and outscored all opponents by a total of 199 to 72.[1] [2]