The 1940 NFL draft was held on December 9, 1939, at the Schroeder Hotel in Milwaukee, Wisconsin. With the first overall pick of the draft, the Chicago Cardinals selected George Cafego.

The draft was held in the Empire Room of the Schroeder Hotel in Milwaukee, Wisconsin. In the early history of the NFL, drafts were typically held on the eve of the NFL Championship Game. The 1939 NFL Championship Game (held the day after the draft) was hosted by the Green Bay Packers, but took place in Milwaukee (at the "Dairy Bowl" stadium in the infield of the Milwaukee Mile racetrack) instead of the Green Bay, Wisconsin due to team owner Curly Lambeau's belief that a game in Milwaukee (a larger city more accessible by rail) would generate greater attendance than one in Green Bay. Lambeau's decision paid off, with a sold-out game the day following the draft.

Both the hotel (today known as the "Hilton Milwaukee") and the ballroom in which the draft was held remain today, with the ballroom maintaining a similar appearance to how it looked at the time of the draft.