1938 Speedway National League Division Two
| League | National League Division Two |
|---|---|
| No. of competitors | 9 |
| Champions | Hackney Wick Wolves |
| Provincial Trophy | Norwich Stars |
| English Speedway Trophy | Belle Vue Reserves |
| National Trophy (Div 2 final) | Norwich Stars |
| Highest average | Max Grosskreutz |
| Division/s above | 1938 National League (Division One) |
The 1938 National League Division Two was the inaugural season of British speedway's National League Division Two albeit a continuation of the Provincial League from the previous season in all but name.
The list of teams had several changes. Bristol Bulldogs had moved up to the National League and Hackney Wick Wolves had moved down to take their place. They also swapped licences and riders as well as divisions. Other new entrants were Newcastle, Sheffield and West Ham Hawks (West Ham's reserve team) and Lea Bridge Cubs (made up largely of Harringay reserve riders).
Belle Vue Merseysiders who had replaced Liverpool in the previous season were also absent.
Nottingham withdrew just after the start of the league fixtures and were replaced by Leeds Lions. They did complete most of their early season cup fixtures.
Hackney Wick Wolves won the title.