1940 William & Mary Indians football team

The 1940 William & Mary Indians football team represented the College of William & Mary as a member of the Southern Conference (SoCon) during the 1940 college football season. Led by second-year head coach Carl M. Voyles, the Indians compiled an overall record of 6–2–1 with a mark of 2–1–1 in conference play, and finished fourth in the SoCon. William & Mary played home games at Cary Field in Williamsburg, Virginia.

William & Mary was ranked at No. 87 (out of 697 college football teams) in the final rankings under the Litkenhous Difference by Score system for 1940.