The 1948 Oklahoma A&M Cowboys football team represented Oklahoma Agricultural and Mechanical College (later renamed Oklahoma State University–Stillwater) in the Missouri Valley Conference during the 1948 college football season. In their 10th year under head coach Jim Lookabaugh, the Cowboys compiled a 6–4 record (2–0 against conference opponents), won the Missouri Valley championship, lost to William & Mary in the 1949 Delta Bowl, and outscored opponents by a combined total of 219 to 127. The team played its home games at Lewis Field in Stillwater, Oklahoma.