1940 North Carolina Tar Heels football team

The 1940 North Carolina Tar Heels football team represented the University of North Carolina at Chapel Hill during the 1940 college football season. The Tar Heels were led by fifth-year head coach Raymond Wolf and played their home games at Kenan Memorial Stadium. They competed as a member of the Southern Conference.

Paul Severin was selected as a first-team All-American end by the Associated Press for a second straight year, as well as by the NEA, Newsweek, and Football Digest. He is remembered for a game-saving tackle of Steve Lach in UNC's win against rival Duke.

North Carolina was ranked at No. 47 (out of 697 college football teams) in the final rankings under the Litkenhous Difference by Score system for 1940.