Standings
| No | Club | GP | W | D | L | GF-GA | Pts | Rpblc | Notes |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Spartak Moscow | 25 | 18 | 3 | 4 | 74-19 | 39 | Russian SFSR | |
| 2 | CDKA Moscow | 25 | 17 | 3 | 5 | 52-24 | 37 | Russian SFSR | |
| 3 | Metallurg Moscow | 25 | 16 | 5 | 4 | 57-29 | 37 | Russian SFSR | |
| 4 | Dynamo Kiev | 25 | 15 | 6 | 4 | 30-24 | 36 | Ukrainian SSR | |
| 5 | Dynamo Moscow | 25 | 14 | 4 | 7 | 69-34 | 32 | Russian SFSR | |
| 6 | Dynamo Tbilisi | 25 | 11 | 9 | 5 | 53-38 | 31 | Georgian SSR | |
| 7 | Dynamo Leningrad | 25 | 12 | 6 | 7 | 52-32 | 30 | Russian SFSR | |
| 8 | Lokomotiv Moscow | 25 | 12 | 6 | 7 | 44-37 | 30 | Russian SFSR | |
| 9 | Torpedo Moscow | 25 | 9 | 11 | 5 | 51-38 | 29 | Russian SFSR | |
| 10 | Dynamo Odessa | 25 | 9 | 11 | 5 | 39-35 | 29 | Ukrainian SSR | |
| 11 | Stakhanovets Stalino | 25 | 11 | 7 | 7 | 55-50 | 29 | Ukrainian SSR | |
| 12 | Traktor Stalingrad | 25 | 12 | 3 | 10 | 53-48 | 27 | Russian SFSR | |
| 13 | Elektrik Leningrad | 25 | 8 | 8 | 9 | 42-44 | 24 | Russian SFSR | |
| 14 | Stalinets Leningrad1 | 25 | 7 | 10 | 8 | 38-57 | 24 | Russian SFSR | |
| 15 | Silmash Kharkiv | 25 | 8 | 6 | 11 | 34-45 | 22 | Ukrainian SSR | Relegated |
| 16 | Stalinets Moscow | 25 | 8 | 5 | 12 | 36-44 | 21 | Russian SFSR | Relegated |
| 17 | Lokomotyv Kiev | 25 | 8 | 5 | 12 | 43-64 | 21 | Ukrainian SSR | Relegated |
| 18 | Dynamo Rostov-na-Donu | 25 | 7 | 6 | 12 | 39-43 | 20 | Russian SFSR | Relegated |
| 19 | Temp Baku | 25 | 6 | 8 | 11 | 33-40 | 20 | Azerbaijan SSR | Relegated |
| 20 | Spartak Leningrad | 25 | 6 | 8 | 11 | 30-39 | 20 | Russian SFSR | Relegated |
| 21 | Spartak Kharkiv | 25 | 5 | 7 | 13 | 43-63 | 17 | Ukrainian SSR | Relegated |
| 22 | Zenit Leningrad | 25 | 7 | 3 | 15 | 35-57 | 17 | Russian SFSR | Relegated |
| 23 | Pishchevik Moscow | 25 | 5 | 6 | 14 | 25-53 | 16 | Russian SFSR | Relegated |
| 24 | Lokomotiv Tbilisi | 25 | 5 | 5 | 15 | 44-62 | 15 | Georgian SSR | Relegated |
| 25 | Krylia Sovetov Moscow | 25 | 4 | 7 | 14 | 28-56 | 15 | Russian SFSR | Relegated |
| 26 | Burevestnik Moscow | 25 | 4 | 4 | 17 | 28-87 | 12 | Russian SFSR | Relegated |
- Note:
- 1 Stalinets Leningrad merged with Zenit in 1939.
Read more about this topic: 1938 Soviet Top League