1940 Ole Miss Rebels football team

The 1940 Ole Miss Rebels football team represented the University of Mississippi in the 1940 college football season. The Rebels were led by third-year head coach Harry Mehre and played their home games at Hemingway Stadium in Oxford, Mississippi. They finished with a record of 9–2 (3–1 SEC), to finish third in the Southeastern Conference.

Ole Miss was ranked at No. 23 (out of 697 college football teams) in the final rankings under the Litkenhous Difference by Score system for 1940.