1939 New Mexico Lobos football team

The 1939 New Mexico Lobos football team represented the University of New Mexico as a member of the Border Conference during the 1939 college football season. In their third season under head coach Ted Shipkey, the Lobos compiled an overall record of 8–2 record with a mark of 4–2 against conference opponents, placing second in the Border Conference, and outscored all opponents by a total of 167 to 98.

New Mexico was ranked at No. 126 (out of 609 teams) in the final Litkenhous Ratings for 1939.