The 1936 Montana gubernatorial election took place on November 3, 1936. Incumbent Governor of Montana Elmer Holt, who became governor in 1935 upon the death of Frank Henry Cooney, ran for re-election. He was challenged in the Democratic primary by a number of challengers, and was narrowly defeated for renomination by United States Congressman Roy E. Ayers of Montana's 2nd congressional district. Ayers advanced to the general election, where he faced Frank A. Hazelbaker, the former Lieutenant Governor of Montana and the Republican nominee. Following a close election, Ayers narrowly defeated Hazelbaker to win what would be his first and only term as governor.
Democratic primary.
Results.
! scope="col" colspan="2" style="width: 15em" |Party
! scope="col" style="width: 17em" |Candidate
! scope="col" style="width: 5em" |Votes
! scope="col" style="width: 3.5em" |%
! colspan="3" style="text-align:right;" | Total votes
Republican primary.
Results.
! scope="col" colspan="2" style="width: 15em" |Party
! scope="col" style="width: 17em" |Candidate
! scope="col" style="width: 5em" |Votes
! scope="col" style="width: 3.5em" |%
! colspan="3" style="text-align:right;" | Total votes
General election.
Results.
! scope="col" colspan="2" style="width: 130px"|Party
! scope="col" style="width: 17em"|Candidate
! scope="col" style="width: 5em"|Votes
! scope="col" style="width: 3.5em"|%
! scope="col" style="width: 3.5em"| ;templatestyles src="Template:Tooltip/styles.css" / ;±%
! colspan="3" style="text-align: right; margin-right: 0.5em" | Majority
! colspan="3" style="text-align: right; margin-right: 0.5em" scope=row | Turnout
! style="text-align:right;" | Swing
References.
 ;templatestyles src="Reflist/styles.css" / ;