The 1938 New Mexico A&M Aggies football team was an American football team that represented New Mexico College of Agriculture and Mechanical Arts (now known as New Mexico State University) as a member of the Border Conference during the 1938 college football season. In their tenth year under head coach Jerry Hines, the Aggies compiled a 7–2 record, was recognized as a conference co-champion, and outscored opponents by a total of 166 to 75. The team played its five home games at Quesenberry Field in Las Cruces, New Mexico.