The 1938–39 Hovedserien season was the fifth season of ice hockey in Norway. Eight teams participated in the league, and Grane won the championship.
| Club | GP | W | T | L | GF–GA | Pts | ||
|---|---|---|---|---|---|---|---|---|
| 1. | 6 | 6 | 0 | 0 | 14:2 | 12 | ||
| 2. | 6 | 3 | 0 | 3 | 6:5 | 6 | ||
| 3. | 6 | 3 | 0 | 3 | 5:7 | 6 | ||
| 4. | 6 | 0 | 0 | 6 | 3:14 | 0 |
| Club | GP | W | T | L | GF–GA | Pts | ||
|---|---|---|---|---|---|---|---|---|
| 1. | 6 | 3 | 3 | 0 | 8:0 | 9 | ||
| 2. | 6 | 2 | 2 | 2 | 8:9 | 6 | ||
| 3. | 6 | 1 | 3 | 2 | 8:8 | 5 | ||
| 4. | 6 | 0 | 4 | 2 | 4:11 | 4 |