A development of the M-34 engine. The AM-38 type was equipped with a floatless carburettor and a supercharger. The air force received 36,163 engines of this type. They were among the most powerful inline engines. They were used, among others, in the Sergei Ilyushin Il-2 Shturmovik aircraft.
| Configuration | 12-cylinder V |
| Cooling | water |
| Compression ratio | 6.0 |
| Displacement | 46.66 l |
| Propeller reduction | 0.74 |
| Weight | 860 kg |
| Maximum power | 1750 hp at 2350 rpm |
| Rated power | 1390 hp at 2150 rpm |
