1938 New Mexico Lobos football team

The 1938 New Mexico Lobos football team represented the University of New Mexico in the Border Conference (Border) during the 1938 college football season. In their second season under head coach Ted Shipkey, the Lobos compiled an 8–3 record (4–2 against Border opponents), tied for the Border championship, lost to Utah in the 1939 Sun Bowl, and outscored all opponents by a total of 199 to 72.