1937 Soviet Second League (Group V) was the 3rd championship since organizing professional competitions in the Soviet Union.
League standings
edit| Pos | Republic | Team | Pld | W | D | L | GF | GA | GD | Pts |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 |  Ukrainian SSR
|
FC Dynamo Odessa | 9 | 7 | 0 | 2 | 23 | 11 | +12 | 23 |
| 2 | Ukrainian SSR
|
FC Lokomotiv Kiev | 9 | 6 | 0 | 3 | 20 | 13 | +7 | 21 |
| 3 | Ukrainian SSR
|
FC Stakhanovets Stalino | 9 | 4 | 4 | 1 | 20 | 13 | +7 | 21 |
| 4 | Ukrainian SSR
|
FC Dynamo Dnepropetrovsk | 9 | 5 | 1 | 3 | 18 | 15 | +3 | 20 |
| 5 | Ukrainian SSR
|
FC Traktor Kharkov | 9 | 4 | 1 | 4 | 17 | 12 | +5 | 18 |
| 6 |  Georgian SSR
|
FC Lokomotiv Tbilisi | 9 | 4 | 0 | 5 | 27 | 23 | +4 | 17 |
| 7 | Ukrainian SSR
|
FC Spartak Kharkov | 9 | 4 | 0 | 5 | 15 | 21 | −6 | 17 |
| 8 | Ukrainian SSR
|
FC Selmash Kharkov | 9 | 3 | 1 | 5 | 16 | 29 | −13 | 16 |
| 9 | Ukrainian SSR
|
FC Dynamo Kharkov | 9 | 3 | 0 | 6 | 20 | 21 | −1 | 15 |
| 10 |  Russian SFSR
|
FC Dynamo Gorky | 9 | 1 | 1 | 7 | 8 | 26 | −18 | 11[a] |
Source: rsssf.com
Notes:
Notes:
- ^ -1 point?