The Serbian League season of 1940-1941 was the first held after the formation of the Banovina of Croatia and the consequent withrowal of Croatia based clubs from the Yugoslav First League. As consequence, the clubs from the Vardar Banovina, Vrbas Banovina, Zeta Banovina, Morava Banovina Drina Banovina, and Danube Banovina competed together. BSK Beograd was the league leader when the April War interrupted play. The league was organized by the Serbian Football Federation (Srpski loptački savez).
| Rank | Club | MP | W | D | L | GF | GA | GD | P |
|---|---|---|---|---|---|---|---|---|---|
| 1 | BSK Beograd | 18 | 15 | 2 | 1 | 63 | 17 | +46 | 32 |
| 2 | SK Jugoslavija | 18 | 11 | 4 | 3 | 41 | 21 | +20 | 26 |
| 3 | Vojvodina Novi Sad | 18 | 7 | 5 | 8 | 36 | 28 | +8 | 19 |
| 4 | SK Jedinstvo Belgrade | 17 | 8 | 2 | 7 | 20 | 21 | -1 | 18 |
| 5 | ŽAK Subotica | 18 | 7 | 4 | 7 | 32 | 42 | -10 | 18 |
| 6 | SK Bata Borovo | 17 | 8 | 1 | 8 | 38 | 32 | +6 | 17 |
| 7 | Jugoslavija Jabuka | 18 | 7 | 2 | 9 | 27 | 41 | -14 | 16 |
| 8 | Građanski Skoplje | 17 | 5 | 4 | 8 | 24 | 37 | -13 | 14 |
| 9 | Slavija Sarajevo | 18 | 2 | 6 | 10 | 34 | 41 | -7 | 10 |
| 10 | BASK Belgrade | 17 | 1 | 4 | 12 | 21 | 56 | -35 | 6 |