1940 Iowa State Teachers Panthers football team

The 1940 Iowa State Teachers Panthers football team represented Iowa State Teachers College in the North Central Conference during the 1940 college football season. In its fifth season under head coach Clyde Starbeck, the team compiled an 8–1 record (5–0 against NCC opponents) and won the conference championship. After losing its season opener against Creighton, the team won its final eight games.

Iowa State Teachers was ranked at No. 182 (out of 697 college football teams) in the final rankings under the Litkenhous Difference by Score system for 1940.