| Season: | 1938 |
| Nextseason: | 1939 |
Statistics of Úrvalsdeild in the 1938 season.
It was contested by 4 teams, and Valur won the championship. Valur's Magnús Bergsteinsson, Fram's Jón Sigurðsson and Víkingur's Björgvin Bjarnason were the joint top scorers with 3 goals.