The Serbian League season of 1939–40 (Serbian: 1939/40 Српска лига / 1939/40 Srpska liga) was a league which along the , will form the final group of teams to participate in the 1939–40 Yugoslav Football Championship. The clubs from the Vardar Banovina, Vrbas Banovina, Zeta Banovina, Morava Banovina Drina Banovina, and Danube Banovina competed in the Serbian League.