The 1938–39 AHL season was the 3rd season of the International-American Hockey League, known in the present day as the American Hockey League. Eight teams played 54 games each in the schedule. The Hershey Bears won the F. G. "Teddy" Oke Trophy as the Western Division champions, while the Cleveland Barons won the Calder Cup as league champions.
- The Hershey Bears, based in Hershey, Pennsylvania, transfer from the Eastern Amateur Hockey League to the I-AHL as an expansion team, playing in the West Division. The Bears have been in the I-AHL/AHL ever since, without relocating or renaming, and are currently the oldest team in the league to do so, as of the 2009–10 season.
Note: GP = Games played; W = Wins; L = Losses; T = Ties; GF = Goals for; GA = Goals against; Pts = Points;
|New Haven Eagles||54||14||30||10||38||114||174|
Note: GP = Games played; G = Goals; A = Assists; Pts = Points; PIM = Penalty minutes
|Don Deacon||Pittsburgh Hornets||46||24||41||65||41|
|Bill Carse||Philadelphia Ramblers||54||24||33||57||22|
|James MacDonald||Philadelphia Ramblers||49||18||37||55||48|
|Murray Armstrong||Syracuse Stars||50||27||27||54||10|
|Joe Krol||Philadelphia Ramblers||54||24||30||54||34|
|Phil Hergesheimer||Cleveland Barons||54||34||19||53||23|
|Norm Locking||Syracuse Stars||53||20||30||50||28|
|Bobby Kirk||Philadelphia Ramblers||49||14||36||50||12|
|Cliff Barton||Philadelphia Ramblers||52||21||28||49||16|