| This was virtualy Level II of Bulgarian Football Championship. Played between 12 regional champions. | | Tournament played to find 2 new teams for State Division 1940-1941>. Botev Sofia earned promotion. |
| Playoffs - Last 2 of State Division 1939-1940 and 2 finlists. | | | Botev Sofia | Walk Over | Levski Ruse | | | Levski Ruse disqualified after not playing in the final of Tsar's Cup. | | 29.09,03.10 | Botev Plovdiv | 1-1 | 0-2 | Vladislav Sofia | |
| Not direct promotion this year. |
| Finals | | date | team 1 | score | team 2 | HT | | 01.09 | Botev Sofia | 2-1 | Botev Plovdiv | --- |
| date | team 1 | score | team 2 | HT | | 18.08 | Botev Sofia | 5-1 | Napredak Ruse | --- | | 18.08 | Botev Plovdiv | 2-0 | Hadzhi Slavchev Pavlikeni | --- |
| date | team 1 | score | team 2 | HT | | 11.08 | Botev Sofia | 4-3 | SP 39 Pleven | --- | | 11.08 | Napredak Ruse | 3-2 | Bdin Vidin | --- | | 11.08 | Hadzhi Slavchev Pavlikeni | 3-0 | Pobeda Varna | --- | | | Botev Plovdiv | bye |
| date | team 1 | score | team 2 | HT | | 28.07 | Tritsvet Chirpan | 0-1 | Botev Sofia | --- | | 29.07 | SP 39 Pleven | 2-1 | Atletik Dupnitsa | --- | | 28.07 | Napredak Ruse | 1-1 | Bulgaria Popovo | --- | | 28.07 | Bdin Vidin | 3-1 | Spartak Tarnava | --- | | 28.07 | Pobeda Varna | bye | | 04.08 | Chardafon Gabrovo | 0-1 | Hadzhi Slavchev Pavlikeni | --- | | | Botev Haskovo | 2-3 | Botev Plovdiv | --- | | Replay | | 29.07 | Napredak Ruse | 0-1 | Bulgaria Popovo | --- | | Score annuled. Match awrded to Napredak Ruse |
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