The 1939–40 AHL season was the fourth season of the International-American Hockey League, known in the present day as the American Hockey League. The league consisted of nine teams total. Four teams in the Eastern Division played a 54 game season, while five teams in the Western Division played a 56 game season. The Indianapolis Capitals won the F. G. "Teddy" Oke Trophy as the Western Division champions, while the Providence Reds won the Calder Cup as league champions.