| Year: | 1938 |
| Team: | SMU Mustangs |
| Sport: | football |
| Conference: | Southwest Conference |
| Short Conf: | SWC |
| Record: | 6–4 |
| Conf Record: | 4–2 |
| Head Coach: | Matty Bell |
| Hc Year: | 4th |
| Captain: | Charles Sprague |
| Stadium: | Ownby Stadium, Cotton Bowl |
The 1938 SMU Mustangs football team was an American football team that represented Southern Methodist University (SMU) as a member of the Southwest Conference (SWC) during the 1938 college football season. In their fourth season under head coach Matty Bell, the Mustangs compiled a 6–4 record (4–2 against conference opponents) and outscored opponents by a total of 148 to 125.[1] The team played its home games at Ownby Stadium in University Park, Texas, and the Cotton Bowl in Dallas.