In the 1840 Iowa Territory Council elections, electors selected councilors to serve in the third Iowa Territory Council. All 13 members of the Territory Council were elected. Councilors served one-year terms. The Iowa Territory existed from July 4, 1838, until December 28, 1846, when Iowa was admitted to the Union as a state. At the time, the Iowa Territory had a Legislative Assembly consisting of an upper chamber (i.e., the Territory Council) and a lower chamber (i.e., the Territory House). Following the previous election in 1839, Democrats held a majority with seven seats to Whigs' six seats.