The 1932 World Series was the championship series in Major League Baseball for the 1932 season. The 29th edition of the World Series, it matched the American League champion New York Yankees versus the National League champions Chicago Cubs. The Yankees won in a four-game sweep. By far it is mostly noteworthy for Babe Ruth's "called shot" home run, in his 10th and last World Series. It was punctuated by fiery arguments between the two teams, heating up the atmosphere before the World Series even began. A record 13 future Hall of Famers played in this World Series, with three other future Hall of Famers also participating: umpire Bill Klem, Yankees manager Joe McCarthy, and Cubs manager Rogers Hornsby. It was also the first World Series in which both teams wore uniforms with numbers on the backs of the shirts.

The 1932 New York Yankees season was the team's 30th season. The team finished with a record of 107–47, winning their seventh pennant, finishing 13 games ahead of the Philadelphia Athletics. New York was managed by future Hall of Famer Joe McCarthy. A record nine future Hall of Famers played on the team.