The 1939 Titleholders Championship was contested from January 16–19 at Augusta Country Club. It was the 3rd edition of the Titleholders Championship.

This event was won by Patty Berg.

Place	Player	Score	To par
1	Patty Berg	78-78-83-80=319	+19
2	Dorothy Kirby	82-81-82-76=321	+21
T3	Helen Hicks	81-81-85-84=331	+31
	Marion Miley	79-81-88-83=331
5	Kathryn Hemphill	80-82-87-84=333	+33
6	Laddie Irwin	87-82-88-81=338	+38
7	Opal Hill	87-90-86-90=353	+53
8	Isabel Ogilvie	87-88-95-86=356	+56
9	Helen Waring	92-90-88-91=362	+62
10	Lillia Watson	94-90-93-88=365	+65

• Pittsburgh Post-Gazette source