Captain - Coach: Percy Beames
Finishing Position: 2nd (Premiers)
Best and Fairest: Allan La Fontaine
Leading Goalkicker: Norm Smith (89)
Best First Year Player: Ted Cordner
| Matches | Ladder | Playing List | Tribunal | Seconds | |
Coming off successive premierships for the first time, Melbourne's squad continued to be weakened by players joining the World War II effort but despite missing top spot they were able to complete a hat-trick of flags.
In June, 1928 player Barney Wood became the first ex-Melbourne player to lose his life in the war. Barney Wood, lost his life. A month later premiership player Ron Barassi was the first serving player to be killed. Players formed a guard of honour and observed a minutes' silence for him before Round 16. The VFL gave Barassi's widow a premiership medal, along with both Harold Ball and Keith Truscott on the grounds that they would have played in the Grand Final if not at war. Ball lost his life before the start of the 1942 season, and Truscott in 1943.
Melbourne lost the final of the 'Patriotic Match Cup' Lightning Premiership to Collingwood 3.2.20 to 3.1.19. The carnival raised £1,526 for the war effort. Round 5 games were delayed to make room for the competition.
The club lost £1118 for the year. Players were paid 10/ for each training night and £2 for playing on Saturday.
Melbourne's VFL delegates were Joe Blair and Bruce Hogg.
Premiership season
| Round | Opposition | Result | |||
| 1 | Fitzroy | LOSS | 90-114 | ||
| 2 | South Melbourne | WIN | 101-93 | ||
| 3 | Geelong | WIN | 108-97 | ||
| 4 | St. Kilda | WIN | 93-89 | ||
| 5 | Collingwood | WIN | 167-127 | ||
| 6 | Footscray | LOSS | 104-132 | ||
| 7 | Carlton | LOSS | 97-124 | ||
| 8 | Hawthorn | WIN | 84-44 | ||
| 9 | North Melbourne | WIN | 129-116 | ||
| 10 | Essendon | WIN | 113-65 | ||
| 11 | Richmond | WIN | 108-61 | ||
| 12 | Fitzroy | WIN | 126-104 | ||
| 13 | South Melbourne | WIN | 124-73 | ||
| 14 | Geelong | WIN | 128-72 | ||
| 15 | St. Kilda | WIN | 101-85 | ||
| 16 | Collingwood | WIN | 110-87 | ||
| 17 | Footscray | WIN | 122-105 | ||
| 18 | Carlton | LOSS | 88-113 | ||
| SF | Carlton | WIN | 109-82 | ||
| GF | Essendon | WIN | 127-98 | ||
Ladder
| W | D | L | % | P | |
| Carlton | 14 | 0 | 4 | 120.3 | 56 |
| Melbourne | 14 | 0 | 4 | 117.2 | 56 |
| Richmond | 14 | 0 | 4 | 116.7 | 56 |
| Essendon | 13 | 0 | 5 | 130.3 | 52 |
| Collingwood | 12 | 0 | 6 | 110.9 | 48 |
| Footscray | 10 | 0 | 8 | 110.5 | 40 |
| Fitzroy | 8 | 0 | 10 | 96.3 | 32 |
| South Melbourne | 8 | 0 | 10 | 90.0 | 32 |
| North Melbourne | 6 | 0 | 12 | 92.9 | 24 |
| Geelong | 3 | 0 | 15 | 83.0 | 12 |
| St. Kilda | 3 | 0 | 15 | 81.9 | 12 |
| Hawthorn | 3 | 0 | 15 | 68.2 | 12 |
Exhibition match
| Opposition | Result | Score | |||
| Army | WIN | 84-73 | |||
Playing List
| Number | Name | Games | Goals | ||
| 1 | Stan Heal | 8 | 5 | ||
| 2 | Roy Dowsing | 15 | 16 | ||
| 3 | Bill Baxter | 3 | 0 | ||
| 4 | Norm Smith | 19 | 89 | ||
| 5 | Ron White | 2 | 0 | ||
| 8 | Rowley Fischer | 14 | 2 | ||
| 9 | Richie Emselle | 20 | 1 | ||
| 10 | Maurie Gibb | 20 | 19 | ||
| 11 | Warren Lewis | 4 | 0 | ||
| 12 | Jack Mueller | 20 | 45 | ||
| 13 | George Lenne | 7 | 3 | ||
| 13 | Les Jones | 1 | 0 | ||
| 14 | George Archibald | 2 | 0 | ||
| 15 | Ron Baggott | 20 | 48 | ||
| 16 | Hughie McPherson | 2 | 0 | ||
| 17 | Allan La Fontaine | 20 | 5 | ||
| 18 | Wally Lock | 16 | 2 | ||
| 19 | Frank Roberts | 8 | 0 | ||
| 20 | Frank Williams | 1 | 0 | ||
| 21 | Ron Kimberley | 1 | 0 | ||
| 21 | Don Cordner | 2 | 0 | ||
| 22 | Shane McGrath | 18 | 0 | ||
| 23 | Ray Wartman | 20 | 15 | ||
| 24 | Percy Beames | 18 | 29 | ||
| 25 | Col McLean | 10 | 0 | ||
| 26 | Mac Wilson | 5 | 2 | ||
| 27 | Gerry Daly | 12 | 1 | ||
| 28 | Ted Cordner | 11 | 0 | ||
| 29 | Jack O'Keefe | 15 | 9 | ||
| 30 | Alby Rodda | 3 | 5 | ||
| 31 | Les Gibbs | 2 | 4 | ||
| 32 | Dick Hingston | 16 | 0 | ||
| 33 | Bernie Neenan | 5 | 8 | ||
| 34 | Adrian Dullard | 18 | 12 | ||
| 35 | Noel Ellis | 2 | 0 | ||
| 36 | Sid Anderson | 20 | 1 | ||
Awards
Most Consistent - Sid Anderson
Most Consistent Senior - Gerry Daly
Best Clubman - Mac Wilson
Tribunal
| Round | Player | Charge | Sanction | ||
| Round 10 | Maurie Gibb | Striking | Not Guilty | ||
| Round 12 | Maurie Gibb | Time Wasting | Not Guilty | ||
Seconds
| W | D | L | % | P | |
| Essendon | 15 | 0 | 3 | 60 | |
| Fitzroy | 13 | 0 | 5 | 52 | |
| Richmond | 12 | 0 | 6 | 48 | |
| Collingwood | 11 | 0 | 7 | 44 | |
| North Melbourne | 10 | 1 | 7 | 42 | |
| St Kilda | 9 | 1 | 8 | 38 | |
| Melbourne | 8 | 2 | 8 | 36 | |
| Carlton | 8 | 0 | 10 | 32 | |
| Footscray | 7 | 0 | 11 | 28 | |
| Geelong | 6 | 0 | 12 | 24 | |
| South Melbourne | 4 | 0 | 14 | 16 | |
| Hawthorn | 3 | 0 | 15 | 12 | |
Media
Age - 01/11/1941
Herald - 12/02/1942
Argus - 13/02/1942