The 1940–41 Ranji Trophy was the seventh season of the Ranji Trophy. Nineteen teams took part in four zones in a knockout format. Maharashtra retained the title defeating Madras in the final. Maharashtra would enter and lose three more finals but as of 2014, 1940-41 remains their last Ranji title.

With cricket affected by the Second World War, Ranji Trophy was only regular domestic tournament that continued in the senior cricket nations.

• Maharashtra won their first four matches on first innings lead and won only the final outright.
• Maharashtra made a Ranji record score of 798 against Northern India in the semifinal, batting for most of the first three days. Originally scheduled as a three-day match, the semifinal was extended to a fourth day for the teams to complete their first innings.
• D. B. Deodhar was 48 years and 306 days old when he scored 246 against Bombay. As of 2014, he is the sixth oldest player to score a double century in first class cricket, and the second oldest Indian after C. K. Nayudu who did it at the age of 50 years and 142 days in 1945–46.^[3]
• The Bombay – Maharashtra match was scheduled for three days but went to five before the first innings were completed. Maharashtra made 675 and Bombay 650.