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The 1938Toronto Argonauts season was the 52nd season for the team since the franchise's inception in 1873. The team finished in second place in the Interprovincial Rugby Football Union with a 5–1–0 record and qualified for the playoffs for the third consecutive season. The Argonauts defeated the Ottawa Rough Riders in a two-game total-points IRFU Final series before winning the Eastern Final over the Sarnia Imperials. The defending champion Argonauts defeated the Winnipeg Blue Bombers in the 26th Grey Cup game by a score of 30-7, winning the franchise's fifth Grey Cup championship. It was also the first time that the Argonauts had repeated as champions as this was a rematch of the previous year'sGrey Cup game.