1939 Országos Bajnokság I (men's water polo) was the 33rd water polo championship in Hungary. There were ten teams who played one-round match for the title.
| Team | M | W | D | L | G+ | G− | P | Comments | |
|---|---|---|---|---|---|---|---|---|---|
| 1. | Újpesti TE | 8 | 8 | 0 | 0 | 50 | 6 | 16 | |
| 2. | MTK | 8 | 7 | 0 | 1 | 41 | 13 | 14 | |
| 3. | MAC | 8 | 6 | 0 | 2 | 25 | 14 | 12 | |
| 4. | BSE | 8 | 4 | 1 | 3 | 22 | 24 | 9 | |
| 5. | Nemzeti SC | 8 | 3 | 0 | 5 | 14 | 32 | 6 | |
| 6. | BEAC | 8 | 2 | 1 | 5 | 18 | 23 | 5 | |
| 7. | Ferencvárosi TC | 8 | 1 | 2 | 5 | 17 | 33 | 4 | |
| 8. | MOVE Eger SE | 8 | 2 | 0 | 6 | 8 | 22 | 4 | |
| 9. | III. ker. TVE | 8 | 1 | 0 | 7 | 11 | 39 | 2 | |
| 10. | Szegedi UE | - | - | - | - | - | - | - | deleted |
* M: Matches W: Win D: Drawn L: Lost G+: Goals earned G−: Goals got P: Point
1. Tatabányai SC, 2. NTE, 3. ETE, 4. Szegedi VSE.