The 1932 Montana gubernatorial election took place on November 8, 1932. Incumbent Governor of Montana John E. Erickson, who was first elected governor in 1924 and was re-elected in 1928, ran for re-election. He won the Democratic primary with a plurality and advanced to the general election, where he faced Frank A. Hazelbaker, the Lieutenant Governor of Montana. Despite the fact that Franklin D. Roosevelt carried the state in a landslide in the presidential election that year, Erickson only narrowly defeated Hazelbaker to win re-election to his third and final term as governor, though he would later resign just a few months into his term to appoint himself to the United States Senate.
- John E. Erickson, incumbent Governor of Montana
- Lewis Penwell, Collector of Internal Revenue for the District of Montana, former State Representative
- Miles Romney Sr., former State Senator, former Mayor of Hamilton
- Henry B. Mitchell
|Democratic||John E. Erickson (incumbent)||34,370||45.52|
|Democratic||Miles Romney, Sr.||15,727||20.83|
|Democratic||Henry B. Mitchell||9,307||12.33|
- Frank A. Hazelbaker, Lieutenant Governor of Montana
- W. S. McCormack, former President of the Montana Senate
|Republican||Frank A. Hazelbaker||48,658||68.98|
|Republican||W. S. McCormack||21,883||31.02|
|Democratic||John E. Erickson (incumbent)||104,949||48.50%||-10.01%|
|Republican||Frank A. Hazelbaker||101,105||46.73%||+5.64%|
|Liberty||William R. Duncan||2,002||0.93%|
- "Report of the Official Canvass of the Vote Cast at the Primary Election, Held in the State of Montana, July 19 A. D. 1932". Montana Secretary of State. Retrieved July 6, 2014.
- "Official Montana General Election Returns, November 8, 1932". Montana Secretary of State. Retrieved July 6, 2014.