1938 Országos Bajnokság I (men's water polo) was the 32nd water polo championship in Hungary. There were nine teams who played one round match for the title.

* M: Matches W: Win D: Drawn L: Lost G+: Goals earned G−: Goals got P: Point

1. NSC, 2. Szegedi VSE, 3. NTE, 4. Tatabányai SC.

• Gyarmati Dezső: Aranykor (Hérodotosz Könyvkiadó és Értékesítő Bt., Budapest, 2002.)
• Magyar Sport Almanach 1937-1939

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