The 1942 SMU Mustangs football team was an American football team that represented Southern Methodist University (SMU) as a member of the Southwest Conference (SWC) during the 1942 college football season. In their first season under head coach Jimmy Stewart, the Mustangs compiled a 3–6–2 record (1–4–1 against conference opponents) and were outscored by a total of 133 to 126. The team played its home games at Ownby Stadium in the University Park suburb of Dallas.