The 1938 Colorado Buffaloes football team was an American football team that represented the University of Colorado as a member of the Mountain States Conference (MSC) during the 1938 college football season. Led by fourth-year head coach Bunny Oakes, the Buffaloes compiled an overall record of 3–4–1 with a mark of 3–2–1 in conference play, tying for second place in the MSC. This was the program's first year in the MSC.