The 1939 Titleholders Championship was contested from January 16–19 at Augusta Country Club. It was the 3rd edition of the Titleholders Championship.
This event was won by Patty Berg.
| Place | Player | Score | To par | ||
|---|---|---|---|---|---|
| 1 |  Patty Berg | 78-78-83-80=319 | +19 | ||
| 2 | Dorothy Kirby | 82-81-82-76=321 | +21 | ||
| align=center rowspan=2 | T3 | Helen Hicks | 81-81-85-84=331 | align=center rowspan=2 | +31 |
| Marion Miley | 79-81-88-83=331 | ||||
| 5 | Kathryn Hemphill | 80-82-87-84=333 | +33 | ||
| 6 | Laddie Irwin | 87-82-88-81=338 | +38 | ||
| 7 | Opal Hill | 87-90-86-90=353 | +53 | ||
| 8 | Isabel Ogilvie | 87-88-95-86=356 | +56 | ||
| 9 | Helen Waring | 92-90-88-91=362 | +62 | ||
| 10 | Lillia Watson | 94-90-93-88=365 | +65 |