1940 Országos Bajnokság I (men's water polo) was the 34th 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 | |
|---|---|---|---|---|---|---|---|---|
| 1. | BSE | 9 | 9 | 0 | 0 | 50 | 17 | 18 |
| 2. | Újpesti TE | 9 | 8 | 0 | 1 | 62 | 5 | 16 |
| 3. | MAC | 9 | 7 | 0 | 2 | 52 | 10 | 14 |
| 4. | Ferencvárosi TC | 9 | 6 | 0 | 3 | 29 | 23 | 12 |
| 5. | MTK | 9 | 3 | 1 | 5 | 19 | 31 | 7 |
| 6. | BEAC | 9 | 3 | 1 | 5 | 20 | 38 | 7 |
| 7. | MOVE Eger SE | 9 | 2 | 2 | 5 | 13 | 25 | 6 |
| 8. | III. ker. TVE | 9 | 3 | 0 | 6 | 15 | 43 | 6 |
| 9. | Tatabányai SC | 9 | 2 | 0 | 7 | 15 | 40 | 4 |
| 10. | Nemzeti SC | 9 | 0 | 0 | 9 | 10 | 53 | 0 |
* M: Matches W: Win D: Drawn L: Lost G+: Goals earned G−: Goals got P: Point