It was also the first season that the I-AHL played as a fully unified league.
For the previous two seasons, the International Hockey League and Canadian-American Hockey League had played as a "circuit of mutual convenience" with an interlocking schedule.
However, on June 29, 1938, the IHL and C-AHL formally merged into a single circuit under the I-AHL name.
The Hershey Bears won the F. G. "Teddy" Oke Trophy as the Western Division champions, while the Cleveland Barons won the Calder Cup as league champions.
Notes: GP = Games played; W = Wins; L = Losses; T = Ties; GP = Goals for; GA = Goals against; Pts = Points; Note: GP = Games played; G = Goals; A = Assists; Pts = Points; PIM = Penalty minutes