| 1938 Masters | |
Henry Picard was the winner of the 1938 Masters, edging runners-up "Lighthorse" Harry Cooper and Ralph Guldahl by two strokes. It was Guldahl's second straight second-place finish in The Masters. Picard would go on to win another major at the 1939 PGA Championship.
The 1938 Masters marked Ben Hogan's first appearance in the tournament. He finished 25th, and didn't finish outside the Top 10 again when playing The Masters until 1958.
This was the final year in which the tournament was played under its original name, the Augusta National Invitation Tournament.
Results from the 1938 Masters golf tournament played at the par-72 Augusta National Golf Club in Augusta, Ga. (a-amateur):
| Henry Picard | 71-72-72-70--285 | $1,500 |
| Harry Cooper | 68-77-71-71--287 | $700 |
| Ralph Guldahl | 73-70-73-71--287 | $700 |
| Paul Runyan | 71-73-74-70--288 | $500 |
| Byron Nelson | 73-74-70-73--290 | $400 |
| Ed Dudley | 70-69-77-75--291 | $275 |
| Felix Serafin | 72-71-78-70--291 | $275 |
| Dick Metz | 70-77-74-71--292 | $175 |
| Jimmy Thomson | 74-70-76-72--292 | $175 |
| Vic Ghezzi | 75-74-70-74--293 | $100 |
| Jimmy Hines | 75-71-75-72--293 | $100 |
| Lawson Little | 72-75-74-72--293 | $100 |
| Billy Burke | 73-73-76-73--295 | |
| Gene Sarazen | 78-70-68-79--295 | |
| Stanley Horne | 74-74-77-71--296 | |
| Bobby Jones | 76-74-72-75--297 | |
| Harold "Jug" McSpaden | 72-75-77-71--297 | |
| Bobby Cruickshank | 72-75-77-74--298 | |
| Ray Mangrum | 78-72-76-72--298 | |
| Johnny Revolta | 73-72-76-77--298 | |
| a-Tommy Tailer | 74-69-75-80--298 | |
| a-Chuck Kocsis | 76-73-77-73--299 | |
| Horton Smith | 75-75-78-71--299 | |
| Sam Parks Jr. | 75-75-76-74--300 | |
| Wiffy Cox | 74-78-74-75--301 | |
| Ben Hogan | 75-76-78-72--301 | |
| Ky Laffoon | 78-76-74-74--302 | |
| Tony Manero | 72-78-82-70--302 | |
| Frank Walsh | 74-75-77-76--302 | |
| Al Watrous | 73-77-76-76--302 | |
| Toney Penna | 71-76-77-80--304 | |
| Sam Snead | 78-78-75-73--304 | |
| a-Jess Sweetser | 82-75-73-75--305 | |
| Leo Mallory | 76-75-81-74--306 | |
| Craig Wood | 73-75-83-75--306 | |
| a-Ross Somerville | 77-78-82-71--308 | |
| a-Bud Ward | 77-76-79-76--308 | |
| Willie Macfarlane | 76-80-75-78--309 | |
| a-Charlie Yates | 76-78-82-76--312 |
1937 Masters | 1939 Masters
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