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Grand final: 15.17 (107) d Richmond 10.8 (68) · M.C.G.
| # | Club | W–L | P | W | L | % | Pts | Form |
|---|---|---|---|---|---|---|---|---|
| 1 | MelbourneMelbourne | 14–4 | 18 | 14 | 4 | 125.8 | 56 | |
| 2 | RichmondRichmond | 12–6 | 18 | 12 | 6 | 120.0 | 48 | |
| 3 | EssendonEssendon | 12–6 | 18 | 12 | 6 | 108.2 | 48 | |
| 4 | Geelong CatsGeelong | 11–7 | 18 | 11 | 7 | 102.9 | 44 | |
| 5 | CarltonCarlton | 10–8 | 18 | 10 | 8 | 111.3 | 40 | |
| 6 | FootscrayFootscray | 9–9 | 18 | 9 | 9 | 108.9 | 36 | |
| 7 | FitzroyFitzroy | 9–9 | 18 | 9 | 9 | 92.3 | 36 | |
| 8 | CollingwoodCollingwood | 8–10 | 18 | 8 | 10 | 100.6 | 32 | |
| 9 | HawthornHawthorn | 7–11 | 18 | 7 | 11 | 88.0 | 28 | |
| 10 | South MelbourneSouth Melbourne | 7–11 | 18 | 7 | 11 | 87.3 | 28 | |
| 11 | St KildaSt Kilda | 5–13 | 18 | 5 | 13 | 86.8 | 20 | |
| 12 | North MelbourneNorth | 4–14 | 18 | 4 | 14 | 75.1 | 16 |
Melbourne won the 1940 premiership, beating Richmond in the grand final, 15.17 (107) to 10.8 (68) at M.C.G..
Melbourne were minor premiers with 14 wins from 18 games.
North Melbourne finished last with 4 wins.
Results before 2001 come from Squiggle (squiggle.com.au); match files with player stats start in 2001.