The 1940 Mitropa Cup was the 14th edition of the Mitropa Cup and the last season played before the competition was interrupted by the Second World War. The competition would be resumed after the war under the name Zentropa Cup but by that time it was overshadowed by the newly formed European Cup which included teams from all parts of Europe. Last season's champions Újpest were eliminated at the quarter-final stage of the competition. This edition is notable for being the first edition in which a team from Romania reached the final. Rapid București of Romania beat Hungária FC MTK Budapest of Hungary in the quarterfinals and got past Građanski of Yugoslavia in the semifinals to get to the finals in which they were to play Ferencváros. The final was cancelled due to the Second World War.
Eight teams participated in the competition with Hungary and Yugoslavia each sending three teams and Romania sending two. However Czechoslovakia and Italy didn't participate because of the war.