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Grand final: 15.10 (100) d Collingwood 13.7 (85) · M.C.G.
| # | Club | W–L | P | W | L | % | Pts | Form |
|---|---|---|---|---|---|---|---|---|
| 1 | CarltonCarlton | 14–4 | 18 | 14 | 4 | 116.1 | 56 | |
| 2 | Geelong CatsGeelong | 13–5 | 18 | 13 | 5 | 129.2 | 52 | |
| 3 | FootscrayFootscray | 13–5 | 18 | 13 | 5 | 124.3 | 52 | |
| 4 | CollingwoodCollingwood | 12–6 | 18 | 12 | 6 | 117.6 | 48 | |
| 5 | MelbourneMelbourne | 11–7 | 18 | 11 | 7 | 106.0 | 44 | |
| 6 | RichmondRichmond | 10–8 | 18 | 10 | 8 | 111.8 | 40 | |
| 7 | EssendonEssendon | 9–9 | 18 | 9 | 9 | 102.3 | 36 | |
| 8 | St KildaSt Kilda | 9–9 | 18 | 9 | 9 | 91.8 | 36 | |
| 9 | North MelbourneNorth | 6–12 | 18 | 6 | 12 | 74.7 | 24 | |
| 10 | FitzroyFitzroy | 5–13 | 18 | 5 | 13 | 88.6 | 20 | |
| 11 | HawthornHawthorn | 4–14 | 18 | 4 | 14 | 82.4 | 16 | |
| 12 | South MelbourneSouth Melbourne | 2–16 | 18 | 2 | 16 | 71.8 | 8 |
Carlton won the 1938 premiership, beating Collingwood in the grand final, 15.10 (100) to 13.7 (85) at M.C.G..
Carlton were minor premiers with 14 wins from 18 games.
South Melbourne finished last with 2 wins.
Results before 2001 come from Squiggle (squiggle.com.au); match files with player stats start in 2001.