State Road 132 (NM 132) is a state highway in the US state of New Mexico.

Its total length is approximately 19.76 miles (31.80 km).

NM 132's southern terminus is at NM 18/NM 218 in Hobbs, and the northern terminus is at Texas State Highway 83 (SH 83) and Farm to Market Road 769 (FM 769) at the Texas–New Mexico state line.

The entire route is in Lea County.