| Postseason: |
Lost World Series (4-1) to New York Yankees |

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Transactions listed are from November 1 of previous year to April 1 of the following year.
October 1, 1940
Ace Adams drafted by the New York Giants in the 1940 rule 5 draft.
Drafted Mickey Livingston from Springfield (Eastern) in the 1940 rule 5 draft.
Drafted Bill Swift from the Chicago White Sox in the 1940 rule 5 draft.
Drafted Pep Young from Atlanta (Southern Association) in the 1940 rule 5 draft.
November 11, 1940
Traded Bill Crouch, Mickey Livingston, Vito Tamulis and $100,000 to the Philadelphia Phillies. Received Kirby Higbe.
November 19, 1940
Sold Tot Pressnell to the St. Louis Cardinals.
December, 1940
Traded Boze Berger to the New York Yankees. Received Jack Graham.
December 4, 1940
Purchased Glen Stewart from the New York Giants.
Traded John Pintar (minors), Gus Mancuso and $65,000 to the St. Louis Cardinals. Received Mickey Owen.
December 9, 1940
Traded Pep Young to the Cincinnati Reds. Received Lew Riggs.
1941
Signed Moe Burtschy as an amateur free agent.
Signed Bruce Edwards as an amateur free agent.
Obtained Carl Furillo from Reading (Interstate) as part of a minor league working agreement.
Signed Hal Gregg as an amateur free agent.
Gene Hermanski received from the Philadelphia Athletics in an unknown transaction.
Signed Spider Jorgensen as an amateur free agent.
Signed Vic Lombardi as an amateur free agent.
Signed Paul Minner as an amateur free agent.
Signed Marv Rackley as an amateur free agent.
Obtained Willie Ramsdell from Big Springs (West Texas-New Mexico) as part of a minor league working agreement.
Signed Ed Stevens as an amateur free agent.
Ben Wade sent to the Cincinnati Reds in an unknown transaction.
Wally Westlake sent to Merced (California) in an unknown transaction.
Returned Johnny Ostrowski to Macon (South Atlantic) after expiration of minor league working agreement.
Signed Andy Seminick as a free agent.
January 27, 1941
Purchased Pep Rambert from the Pittsburgh Pirates.
January 31, 1941
Signed Paul Waner as a free agent.
February 4, 1941
Purchased Lefty Mills from the St. Louis Browns.
April 3, 1941 (Standings)
Purchased Roxie Lawson from the St. Louis Browns.
April 15, 1941 (Standings)
Purchased Newt Kimball from the St. Louis Cardinals.
Returned Lefty Mills to the St. Louis Browns following previous purchase.
April 22, 1941 (Standings)
Purchased Mace Brown from the Pittsburgh Pirates.
May 6, 1941 (Standings)
Traded Lee Grissom to the Philadelphia Phillies. Received Vito Tamulis.
Traded Charlie Gilbert, Johnny Hudson and $65,000 to the Chicago Cubs. Received Billy Herman.
May 11, 1941 (Standings)
Released Paul Waner.
June, 1941 (Standings)
Sold Bill Swift to St Paul (American Association) for $5,500.
July 4, 1941 (Standings)
Released Joe Vosmik.
July 30, 1941 (Standings)
Selected Johnny Allen off waivers from the St. Louis Browns.
July 31, 1941 (Standings)
Traded Vito Tamulis to Nashville (Southern Association). Received Tom Drake and Tommy Tatum.
August 6, 1941 (Standings)
Purchased Lester Burge (minors) and Bob Chipman from Atlanta (Southern Association) for $70,000.
August 14, 1941 (Standings)
Traded John S. Bell (minors), Ray Roche (minors), Joe Becker and George Staller to the Philadelphia Phillies. Received Dixie Howell.
August 20, 1941 (Standings)
Selected Larry French off waivers from the Chicago Cubs.
August 26, 1941 (Standings)
Traded Mace Brown and cash to the Chicago Cubs. Received Augie Galan.
September 30, 1941 (Standings)
Don Ross drafted by the Detroit Tigers in the 1941 rule 5 draft.
Drafted Les Webber from Seattle (PCL) in the 1941 rule 5 draft.
December 9, 1941
Purchased Heinie Mueller from the Philadelphia Phillies.
December 10, 1941
Sold Mace Brown to the Boston Red Sox.
Purchased Don Padgett from the St. Louis Cardinals for $30,000.
Purchased Johnny Rizzo from the Philadelphia Phillies.
December 12, 1941
Traded Pete Coscarart, Luke Hamlin, Babe Phelps and Jimmy Wasdell to the Pittsburgh Pirates. Received Arky Vaughan.
1942
Signed Cal Abrams as an amateur free agent.
Purchased Ferrell Anderson from the New York Yankees.
Signed Monty Basgall as an amateur free agent.
Signed Paul Burris as an amateur free agent.
Moe Burtschy sent to the Cincinnati Reds in an unknown transaction.
George Kell sent to Lancaster (Interstate) in an unknown transaction.
Signed Turk Lown as an amateur free agent.
Signed Steve Nagy as an amateur free agent.
Returned Andy Seminick to Elizabethton (Appalachian) after expiration of minor league working agreement.
Signed Leo Thomas as an amateur free agent.
Signed Dick Whitman as an amateur free agent.
March 13, 1942
Purchased Billy Sullivan from the Detroit Tigers.
March 23, 1942
Purchased Frenchy Bordagaray from the New York Yankees.