Municipal elections were held in Toronto, Ontario, Canada, on December 3, 1962. Incumbent mayor Nathan Phillips, then the longest-serving mayor in Toronto history, lost to Controller Donald Summerville by a significant margin.

Nathan Phillips was a Canadian politician who served as the 53rd mayor of Toronto from 1955 to 1962. A lawyer by training, Phillips was first elected to Toronto City Council in 1926. He is the city's first Jewish mayor, ending an unbroken string of Protestant mayors.