The 1940–41 AHL season was the fifth season of the American Hockey League, which had operated the previous four seasons as the "International-American Hockey League." Nine teams played 56 games each in the schedule. The Cleveland Barons won their second F. G. "Teddy" Oke Trophy as the Western Division champions, and their second Calder Cup as league champions.

Team changes

Final standings

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

Scoring leaders

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

Calder Cup playoffs