The 1938 Brownlow Medal was the 15th year the award was presented to the player adjudged the fairest and best player during the Victorian Football League (VFL) home-and-away season. Dick Reynolds of the Essendon Football Club won the medal by polling eighteen votes during the 1938 VFL season.
Leading votegetters Player Votes 1st Dick Reynolds () 18 2nd Stan Spinks () 17 =3rd Marcus Boyall () 15 Wilfred Smallhorn () Alby Morrison () 6th Jock Cordner () 14 =7th Norman Ware () 13 Jack Collins () =9th Jim Park () 12 Des Fothergill () Marcus Whelan () Gordon Jones ()
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