| Competition: | Peruvian Primera División |
| Season: | 1940 |
| Dates: | 12 May 1940 – 8 September 1940 |
| Winners: | Deportivo Municipal |
| Relegated: | Ciclista Lima |
| League Topscorer: |  Teodoro Fernández (15) |
| Prevseason: | 1939 |
| Nextseason: | 1941 |
The 1940 season of the Peruvian Primera División, the top category of Peruvian football, was played by 8 teams. The national champions were Deportivo Municipal. From 1931 until 1942 the points system was W:3, D:2, L:1, walkover:0.
Teams play each other once, either home or away. All matches were played in Lima and Callao.
Because Telmo Carbajo and Santiago Barranco tied with 6 points a relegation play-off on neutral ground will be played as the tournament rules specify.