The 1938–39 AHL season was the third season of the International-American Hockey League, known in the present day as the American Hockey League. It was also the first season that the I-AHL played as a fully unified league. For the previous two seasons, the International Hockey League and Canadian-American Hockey League had played as a "circuit of mutual convenience" with an interlocking schedule. However, on June 29, 1938, the IHL and C-AHL formally merged into a single circuit under the I-AHL name. 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.

Team changes

Final standings

Notes: GP = Games played; W = Wins; L = Losses; T = Ties; GP = Goals for; GA = Goals against; Pts = Points;

Scoring leaders

Note: GP = Games played; G = Goals; A = Assists; Pts = Points; PIM = Penalty minutes

Calder Cup playoffs