The Liberal Party of William Lyon Mackenzie King won a majority government, defeating Prime Minister R. B. Bennett's Conservatives.

In office since the 1930 election, Bennett had sought to stimulate the economy during his first few years through a policy of high tariffs and trade within the British Empire.

In the last months of his time in office, he reversed his position, copying the popular New Deal of Franklin Roosevelt in the United States.

The Social Credit Party of Canada was even more successful, capturing seventeen seats on its platform of monetary reform despite winning less of the popular vote than the former.

The de facto leader of the national movement was Alberta Premier William Aberhart, who did not stand in the federal election himself.