The 1968 SMU Mustangs football team represented Southern Methodist University (SMU) as a member of the Southwest Conference (SWC) during the 1968 NCAA University Division football season. Led by seventh-year head coach Hayden Fry, the Mustangs compiled an overall record of 8âÂÂ3 with a conference mark of 5âÂÂ2, placing third in the SWC. SMU was invited to the Astro-Bluebonnet Bowl, where they upset number 10 Oklahoma.