An inbred corn line, designated M10138, is disclosed. The invention relates to the seeds of inbred corn line M10138, to the plants of inbred corn line M10138 and to methods for producing a corn plant, either inbred or hybrid, by crossing the inbred line M10138 with itself or another corn line. The invention further relates to methods for producing a corn plant containing in its genetic material one or more transgenes and to the transgenic plants produced by that method and to methods for producing other inbred corn lines derived from the inbred M10138.