The 1998 New Mexico gubernatorial election was a contest to elect the next governor of New Mexico. The winner of the election would serve a term from January 1, 1999 until January 1, 2003. Incumbent Republican Governor Gary Johnson was re-elected to a second term. As of 2023, this is the last time a non-Hispanic was elected governor of New Mexico.

Gary Earl Johnson is an American businessman and politician who served as the 29th governor of New Mexico from 1995 to 2003 as a member of the Republican Party. He has been a member of the Libertarian Party since 2011 and was the party's nominee for President of the United States in the 2012 and 2016 elections. He was also the Libertarian nominee in the 2018 U.S. Senate election in New Mexico.