The 1938 Masters Tournament was contested from April 1 to April 4 at Augusta National Golf Club. It was the 5th Masters Tournament.
Due to adverse weather conditions, Round 1 was played on Saturday, rounds 2 and 3 were played on Sunday, and the final round was on Monday.
Henry Picard fired a final round 70 to defeat Harry Cooper and Ralph Guldahl by two strokes.
Ben Hogan finished tied for 25th. It was his first participation in the Masters Tournament. The purse was $5,000.
| # | Player | Country | Score | To par | Winnings ($) |
|---|---|---|---|---|---|
| 1 | Henry Picard | United States | 71-72-72-70=285 | -3 | 1,500 |
| T2 | Harry Cooper | United States | 68-77-71-71=287 | -1 | 700 |
| Ralph Guldahl | United States | 73-70-73-71=287 | |||
| 4 | Paul Runyan | United States | 71-73-74-70=288 | E | 500 |
| 5 | Byron Nelson | United States | 73-74-70-73=290 | +2 | 400 |
| T6 | Ed Dudley | United States | 70-69-77-75=291 | +3 | 275 |
| Felix Serafin | United States | 72-71-78-70=291 | |||
| T8 | Dick Metz | United States | 70-77-74-71=292 | +4 | 175 |
| Jimmy Thomson | Scotland United States |
74-70-76-72=292 | |||
| T10 | Vic Ghezzi | United States | 75-74-70-74=293 | +5 | 100 |
| Jimmy Hines | United States | 75-71-75-72=293 | |||
| Lawson Little | United States | 72-75-74-72=293 |
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