The 1932 Cal Poly Mustangs football team represented California Polytechnic School during the 1932 college football season. Cal Poly was a two-year school until 1941, and competed as an independent from 1929 to 1945. The team was led by eleventh-year head coach Al Agosti and played home games in San Luis Obispo, California. They finished the season with a record of four wins and four losses (4–4). Overall, the Mustangs outscored their opponents 117–103 for the season. This was the last year under Coach Agosti, and he finished with a Cal Poly record of 32–44–5.