| Year: | 1948 |
| Team: | SMU Mustangs |
| Sport: | football |
| Conference: | Southwest Conference |
| Short Conf: | SWC |
| Aprank: | 10 |
| Record: | 9–1–1 |
| Conf Record: | 5–0–1 |
| Head Coach: | Matty Bell |
| Hc Year: | 11th |
| Captain: | Joe Ethridge, Floyd Lewis |
| Champion: | SWC champion |
| Bowl: | Cotton Bowl Classic |
| Bowl Result: | W 21–13 vs. Oregon |
The 1948 SMU Mustangs football team represented the Southern Methodist University (SMU) as a member of the during Southwest Conference during the 1948 college football season. Led by 11th-year head coach Matty Bell, the Mustangs compiled an overall record of 9–1–1 with a mark of 5–0–1 in conference play, winning the SWC title. SMU was invited to the Cotton Bowl Classic, where they defeated Oregon. Junior Doak Walker was awarded the Heisman Trophy. Walker established several other SWC records that still stand.[1]
See also: 1948 NCAA football rankings.
| Player | Position | Round | Pick | NFL club | |
| Halfback | 1 | 3 | New York Bulldogs | ||
| Paul Page | Halfback | 1 | 4 | New York Giants | |
| Back | 2 | 21 | Chicago Cardinals | ||
| Joe Ethridge | Tight end | 6 | 54 | Green Bay Packers | |
| Dave Moon | Back | 14 | 136 | Pittsburgh Steelers | |
| Floyd Lewis | Guard | 18 | 174 | Green Bay Packers | |
| Bob Folsom | End | 19 | 183 | Green Bay Packers |