| Competition: | Peruvian Primera División |
| Season: | 1932 |
| Dates: | 19 June 1932 – 2 October 1932 |
| Winners: | Alianza Lima |
| League Topscorer: |  Teodoro Fernández (11) |
| Prevseason: | 1931 |
| Nextseason: | 1933 |
The 1932 season of the Peruvian Primera División, was the 17th season of top-flight Peruvian football. A total of eight teams competed in this league. The national champions were Alianza Lima. No relegated team, because First Division grew to 10 teams for 1933.
| Team | City |
|---|---|
| Pueblo Libre, Lima | |
| Sportivo Unión | |
Teams play each other once, either home or away. All matches were played in Lima.
| Team | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Alianza Lima | 7 | 7 | 0 | 0 | 26 | 2 | +24 | 21 | 4.50 | 25.5 | Champions |
| 2 | Federación Universitaria | 7 | 5 | 0 | 2 | 21 | 4 | +17 | 17 | 5 | 22 | |
| 3 | Sporting Tabaco | 7 | 4 | 1 | 2 | 20 | 9 | +11 | 16 | 3.75 | 19.75 | |
| 4 | Ciclista Lima | 7 | 2 | 2 | 3 | 18 | 17 | +1 | 13 | 3.5 | 16.5 | |
| 5 | Sportivo Unión | 7 | 2 | 2 | 3 | 11 | 20 | −9 | 13 | 2.75 | 15.75 | |
| 6 | Sport Progreso | 7 | 2 | 3 | 3 | 9 | 17 | −8 | 13 | 2.25 | 15.25 | |
| 7 | Sportivo Tarapacá Ferrocarril | 7 | 0 | 3 | 4 | 9 | 17 | −8 | 10 | 3 | 13 | |
| 8 | Circolo Sportivo Italiano | 7 | 1 | 0 | 6 | 2 | 30 | −28 | 9 | 3.25 | 12.25 |