The 1937-38 Serie B season was the third edition of the second-level Italian competition (no record of the league exists for 1936-37). AMDG Milano II won the championship and earned the right to play AMDG Milano in the Serie A championship. The Serie B consisted of seven teams this year. There was a preliminary round composed of six teams, playing in single-elimination series'. The three winners were joined by SG Cortina in the final round.