* — Appalachian State forfeited a win over Lenoir–Rhyne due to an ineligible player.
The 1932 Appalachian State Mountaineers football team was an American football team that represented Appalachian State Teachers College (now known as Appalachian State University) as a member of the North State Conference during the 1932 college football season. In their fourth year under head coach C. B. Johnston, the Mountaineers compiled an overall record of 4–5–1, with a mark of 1–2 in conference play, and finished second in the NSC.