1940 Wake Forest Demon Deacons football team

The 1940 Wake Forest Demon Deacons football team was an American football team that represented Wake Forest University during the 1940 college football season. In its fourth season under head coach Peahead Walker, the team compiled a 7–3 record and finished in third place in the Southern Conference.

Wake Forest back Tony Gallovich was selected by the Associated Press as a first-team player on the 1940 All-Southern Conference football team.

Wake Forest was ranked at No. 57 (out of 697 college football teams) in the final rankings under the Litkenhous Difference by Score system for 1940.