| Competition: | OB I |
| Season: | 1927 |
| Winners: | Ferencváros |
| Prevseason: | 1926 |
| Nextseason: | 1928 |
1927 Országos Bajnokság I (men's water polo) was the 21st water polo championship in Hungary. There were seven teams who played one-round match for the title.
| Team | M | W | D | L | G+ | G− | P | |
|---|---|---|---|---|---|---|---|---|
| 1. | Ferencvárosi TC | 6 | 6 | 0 | 0 | 40 | 11 | 12 |
| 2. | III. ker. TVE | 6 | 5 | 0 | 1 | 43 | 10 | 10 |
| 3. | MTK | 6 | 3 | 0 | 2 | 24 | 14 | 8 |
| 4. | Újpesti TE | 6 | 2 | 0 | 3 | 28 | 19 | 6 |
| 5. | MAC | 6 | 2 | 0 | 4 | 14 | 25 | 4 |
| 6. | Nemzeti SC | 6 | 1 | 0 | 5 | 13 | 43 | 2 |
| 7. | MUE | 6 | 0 | 0 | 6 | 6 | 46 | 0 |
* M: Matches W: Win D: Drawn L: Lost G+: Goals earned G−: Goals got P: Point
1. OTE 8, 2. BSZKRT SE 4, 3. BEAC 4 pont, Postás and VAC cancelled their participation.
1. MOVE Eger SE, 2. Szegedi UE, 3. Pannonia UE Sopron, 4. Tatatóvárosi AC.