The 1939 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 1939 college football season. In their fifth season under head coach Matty Bell, the Mustangs compiled a 6–3–1 record (4–2 against conference opponents) and were outscored by a total of 118 to 60. The team played its home games at Ownby Stadium in the University Park suburb of Dallas.