The 1937 Phillip Island Trophy was a motor race held at the then-new 3.3 mile Phillip Island "triangular" circuit, in Victoria, Australia on 15 March 1937. It was contested over 45 laps, a distance of 150 miles. Organised by the Victorian Sporting Car Club, it was staged on a handicap basis with the limit starter commencing the race 30 minutes before the scratch starter.