1940 New Mexico A&M Aggies football team

The 1940 New Mexico A&M Aggies football team was an American football team that represented New Mexico College of Agriculture and Mechanical Arts (now known as New Mexico State University) as a member of the Border Conference during the 1940 college football season. In its first year under head coach Julius H. Johnston, the team compiled a 3–6 record (1–4 against conference opponents), finished sixth in the conference, and was outscored by a total of 200 to 95.

New Mexico A&M was ranked at No. 321 (out of 697 college football teams) in the final rankings under the Litkenhous Difference by Score system for 1940.

The team played its home games at Quesenberry Field in Las Cruces, New Mexico.