| Competition: | Segunda División |
| Season: | 1940–41 |
| Winners: | Granada CF |
| Promoted: | Granada CF Real Sociedad Deportivo La Coruña CD Castellón |
| Relegated: | Real Avilés CF CF Badalona CD Córdoba |
| League Topscorer: | Julio Elicegui (26 goals) |
| Best Goalkeeper: | Florentino Buey (0.90 goals/match) |
| Biggest Home Win: | (8 January 1941) |
| Biggest Away Win: | (16 February 1941) |
| Highest Scoring: | (8 January 1941) |
| Matches: | 264 |
| Total Goals: | 1059 |
| Prevseason: | 1939–40 |
| Nextseason: | 1941–42 |
The 1940–41 Segunda División season saw 24 teams participate in the second flight Spanish league. Granada, Real Sociedad, Deportivo and Castellón were promoted to Primera División. Real Avilés, Badalona and Córdoba were relegated to Tercera División.
| Club | City | Stadium | |
|---|---|---|---|
| CF Badalona | Badalona | Avenida de Navarra | |
| Real Betis Balompié | Seville | Heliópolis | |
| Cádiz CF | Cádiz | La Mirandilla | |
| Cartagena CF | Cartagena | El Almarjal | |
| CD Castellón | Castellón de la Plana | Campo del Sequiol | |
| CD Córdoba | Córdoba | América | |
| Gerona CF | Gerona | Vista Alegre | |
| Granada CF | Granada | Los Cármenes | |
| UD Levante-Gimnástico | Valencia | Vallejo | |
| CD Malacitano | Málaga | Baños del Carmen | |
| CD Sabadell FC | Sabadell | Cruz Alta | |
| Xerez Club | Jerez de la Frontera | Domecq |