In their sixth year under head coach Ray Eliot, the Illini compiled a 5–3–1 record and finished in a three-way tie for third place in the Big Ten Conference.

5 Army to a scoreless tie and narrowly lost by a 14–7 score to undefeated national champion Michigan.

[1] End Ike Owens was selected as the team's most valuable player.

[2] Illinois was unranked in the final AP poll but was ranked at No.

This college football 1940s season article is a stub.