The 1932 All-Southwest Conference football team consists of American football players chosen by various organizations for All-Southwest Conference teams for the 1932 college football season. The selectors for the 1932 season included the Associated Press (AP).

• Blanard Spearman, TCU (AP-1 [QB])
• Bohn Hillard, Texas (AP-1 [HB])
• Harrison Stafford, Texas (AP-1 [HB])
• Ernie Koy, Texas (AP-1 [FB])

• Frank James, Baylor (AP-1)
• Madison Pruitt, TCU (AP-1)

• Ben Boswell, TCU (AP-1)
• Foster Howell, TCU (AP-1)

• Lon Evans, TCU (AP-1)
• Johnny Vaught, TCU (AP-1)

• J. W. Townsend, TCU (AP-1)

AP = Associated Press, selected by 23 conference sports editors and writers^[1]

• 1932 College Football All-America Team