John J. Dempsey Democratic Thomas J. Mabry Democratic The 1946 New Mexico gubernatorial election took place on November 5, 1946, in order to elect the Governor of New Mexico.

Incumbent Democrat John J. Dempsey was term-limited, and could not run for reelection to a third consecutive term.

Former lieutenant governor William Duckworth unsuccessfully sought the Republican nomination.

Sandoval County voted for a Democratic candidate for the first time since 1916.

This was the last gubernatorial election until 1982 in which the Democratic candidate carried Harding County.