The 1941 New Mexico Lobos football team represented the University of New Mexico in the Border Conference during the 1941 college football season. In their fifth and final season under head coach Ted Shipkey, the Lobos compiled a 5–4–1 record (3–2–1 against Border opponents), finished fifth in the conference, and were outscored by opponents by a total of 135 to 116. Guard William Thompson was selected by the conference coaches as a second-team player on the 1941 All-Border Conference football team.