The 1938 Titleholders Championship was contested from January 13-16 at Augusta Country Club. It was the 2nd edition of the Titleholders Championship.
This event was won by Patty Berg with rounds of 78-79-77-77.
| # | Player | Country | Score | To par |
|---|---|---|---|---|
| 1 | Patty Berg | United States | 311 | –5 |
| 2 | Jane Cothran | United States | 325 | +9 |
| 3 | Marian McDougall | United States | 327 | +11 |
| 4 | Kathryn Hemphill | United States | 328 | +12 |
|
|
|||||||||||||||||