The 1940 All-Southwest Conference football team consists of American football players chosen by various organizations for All-Southwest Conference teams for the 1940 college football season. The selectors for the 1940 season included the Associated Press (AP) and United Press (UP).
All Southwest selections
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- Pete Layden, Texas (AP-1, UP-1 [hb])
- Jim Thomason, Texas A&M (AP-1, UP-1 [hb])
- Pres Johnston, SMU (AP-1, UP-1 [qb])
- John Kimbrough, Texas A&M (AP-1, UP-1 [fb])
- Bob Brumley, Rice (AP-2, UP-2 [fb])
- Marion Pugh, Texas A&M (AP-2, UP-2 [hb])
- Jack Crain, Texas (AP-2, UP-2 [hb])
- William Conatser, Texas A&M (AP-2)
- Kyle Gillespie, TCU (UP-2 [qb])
- Marshall Robnett, Texas A&M (AP-1, UP-1)
- Bobby Sherrod, TCU (AP-1, UP-1)
- Charles Henke, Texas A&M (AP-2, UP-2)
- Chal Daniel, Texas (AP-2, UP-2)