The 1966 SMU Mustangs football team represented Southern Methodist University (SMU) as a member of the Southwest Conference (SWC) during the 1966 NCAA University Division football season. Led by fifth-year head coach Hayden Fry, the Mustangs compiled an overall record of 8–3 with a conference mark of 6–1, winning the SWC title. SMU earned a berth in the Cotton Bowl Classic, played in their home stadium, the Cotton Bowl. The Mustangs lost the game to Georgia on New Year's Eve.