The 1972 Arkansas State Indians football team represented Arkansas State University as a member of the Southland Conference during the 1972 NCAA College Division football season. Led by second-year head coach Bill Davidson, the Indians compiled an overall record of 3–8 with a mark of 1–4 in conference play, placing in a three-way tie for fifth in the Southland.

Date	Opponent	Site	Result	Attendance	Source
September 9	McNeese State	Kays Stadium Jonesboro, AR	L 17–27	9,500	[1]
September 16	at Eastern New Mexico*	Greyhound Stadium Portales, NM	W 39–7	2,500	[2]
September 23	Wichita State*	Kays Stadium Jonesboro, AR	L 0–6	6,500	[3]
September 30	at Southwestern Louisiana	Cajun Field Lafayette, LA	W 21–18	12,456	[4]
October 7	at Chattanooga*	Chamberlain Field Chattanooga, TN	L 3–21	8,000	[5]
October 14	No. 1 Louisiana Tech	War Memorial Stadium Little Rock, AR	L 17–38	13,000	[6]
October 21	at Abilene Christian	Shotwell Stadium Abilene, TX	L 0–3	7,200	[7]
October 28	Lamar	Kays Stadium Jonesboro, AR	L 24–26	6,500	[8]
November 4	at Northeast Louisiana*	Brown Stadium Monroe, LA	W 14–13	8,300	[9]
November 18	Trinity (TX)*	Kays Stadium Jonesboro, AR	L 22–32	6,000	[10]
November 25	at Texas–Arlington	Arlington Stadium Arlington, TX	L 6–7	2,200	[11]
*Non-conference game Homecoming Rankings from AP Poll released prior to the game

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