The 1940 Milligan Buffaloes football team was an American football team that represented Milligan University as a member of the Smoky Mountain Conference during the 1940 college football season.

In their eighth year under head coach Steve Lacy, the Buffaloes compiled a perfect 9–0 record (5–0 in conference games), won the Smoky Mountain Conference championship, shut out six of nine opponents, and outscored all opponents by a total of 179 to 33.

[1][2] Four Milligan players were first-team picks for the 1940 All-Smoky Mountain Conference football team: Big Bill Showalter at fullback; Charlie D'Agata at end; Frank Spraker at tackle; and James Riggs at guard.

Three others were named to the second team: Hope Burton at halfback; Hugh Blessing at end; and Fred Dellinger at guard.

[3] The team played its home games at Roosevelt Stadium in Johnson City, Tennessee.