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.

Final list #TeamMWDLG+G−P1.Újpesti TE87103811152.MTK86114112133.MAC8521209124.BSE83413322105.Ferencvárosi TC8224222866.Szegedi UE8134142857.BEAC8125133248.MOVE Eger SE812593649.III. ker. TVE811618303

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

OB I 1938Champions Újpest9th Title

2. Class

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

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