| Year: | 1965 |
| Team: | SMU Mustangs |
| Sport: | football |
| Conference: | Southwest Conference |
| Short Conf: | SWC |
| Record: | 4–5–1 |
| Conf Record: | 3–4 |
| Head Coach: | Hayden Fry |
| Hc Year: | 4th |
The 1965 SMU Mustangs football team represented Southern Methodist University (SMU) as a member of the Southwest Conference (SWC) during the 1965 NCAA University Division football season. Led by fourth-year head coach Hayden Fry, the Mustangs compiled an overall record of 4–5–1 with a conference mark of 3–4, tying for fourth place in the SWC.