The 1940 Campeonato Paulista da Primeira Divisão, organized by the LFESP (Liga de Futebol do Estado de São Paulo), was the 39th season of São Paulo's top professional football league. Palestra Itália won the title for the 8th time. No teams were relegated. Peixe from Ypiranga was the top scorer with 21 goals.
The championship was disputed in a double-round robin system, with the team with the most points winning the title.