According to the invention, there is provided seed and plants of the corn variety designated I161538. This invention thus relates to the plants, seeds and tissue cultures of the variety I161538, and to methods for producing a corn plant produced by crossing a corn plant of variety I161538 with itself or with another corn plant, such as a plant of another variety. This invention further relates to corn seeds and plants produced by crossing plants of variety I161538 with plants of another variety, such as another inbred line, and to crosses with related species. This invention further relates to the inbred and hybrid genetic complements of plants of variety I161538, and also to the SSR profiles of corn variety I161538.