The fourth season of Svenska Serien, at the time Sweden's top-tier hockey league, was scheduled to be held over the winter of 1938–39, but due to a harsh winter, the series was played as a shortened single-round robin tournament in the autumn of 1939, immediately prior to the start of the 1939–40 season. For this reason, there was no promotion or relegation as a result of this tournament. Hammarby IF went undefeated, winning all seven matches, to win the league title. This was their first time Hammarby finished first-place in Svenska Serien, and the fourth time Hammarby finished first in Sweden's first-tier league (which had previously been Klass I and Elitserien).

Final standings

TeamGPWTL+/-P
1Hammarby IF770020 - 314
2IK Göta74219 - 98
3Karlbergs BK741214 - 99
4AIK740319 - 109
5Södertälje IF730411 - 126
6IK Sture72056 - 144
7Nacka SK71159 - 233
8Södertälje SK70257 - 152
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