The 1998 AXA/Equitable Liberty Bowl, part of the 1998 bowl game season, took place on December 31, 1998, at Liberty Bowl Memorial Stadium in Memphis, Tennessee. The competing teams were the Tulane Green Wave, representing the Conference USA (C-USA) and the BYU Cougars, representing the Western Athletic Conference (WAC). Tulane won the game 41–27 to finish along with the Tennessee Volunteers as the only undefeated Division I-A teams for the 1998 season.