The 1938 New South Wales state election was held on 26 March 1938. This election was for all of the 90 seats in the 32nd New South Wales Legislative Assembly and was conducted in single member constituencies with compulsory preferential voting. The result of the election was: * United Australia Party 37 seats * Country Party 22 seats * Australian Labor Party 28 seats * Industrial Labor Party 2 seats * Independent 1 seat.