The 1936 Montana gubernatorial election took place on November 3, 1936. Incumbent Governor of Montana Elmer Holt, who became governor in 1935 upon the death of Frank Henry Cooney, ran for re-election. He was challenged in the Democratic primary by a number of challengers, and was narrowly defeated for renomination by United States Congressman Roy E. Ayers of Montana's 2nd congressional district. Ayers advanced to the general election, where he faced Frank A. Hazelbaker, the former Lieutenant Governor of Montana and the Republican nominee. Following a close election, Ayers narrowly defeated Hazelbaker to win what would be his first and only term as governor.
- Roy E. Ayers, United States Congressman from Montana's 2nd congressional district
- Elmer Holt, incumbent Governor of Montana
- Miles Romney Sr., former State Senator, former Mayor of Hamilton
- H. L. Maury
- Frank F. Hayes
|Democratic||Roy E. Ayers||43,822||37.85|
|Democratic||Elmer Holt (incumbent)||39,397||34.02|
|Democratic||Miles Romney, Sr.||21,679||18.72|
|Democratic||H. L. Maury||9,086||7.85|
|Democratic||Frank F. Hayes||1,808||1.56|
- Frank A. Hazelbaker, former Lieutenant Governor of Montana, 1932 Republican nominee for Governor of Montana
- Robert Pauline, State Senator, former Mayor of Kalispell
|Republican||Frank A. Hazelbaker||28,970||72.44|
|Democratic||Roy E. Ayers||115,310||50.94%||+2.44%|
|Republican||Frank A. Hazelbaker||108,914||48.12%||+1.39%|
|Socialist||J. P. Cavanaugh||917||0.41%||-2.51%|
|Union||David J. Ryan||838||0.37%||+0.53%|
- "Report of the Official Canvass of the Vote Cast at the Primary Election Held in the State of Montana, July 21, 1936" (PDF). Montana Secretary of State. Archived from the original (PDF) on 2014-07-15. Retrieved July 6, 2014.
- "Official Montana General Election Returns, November 3, 1936" (PDF). Montana Secretary of State. Archived from the original (PDF) on July 15, 2014. Retrieved July 6, 2014.