Philip Le Despenser, 1st Baron le Despenser (18 October 1342 Gedney, Lincolnshire, England - 4 August 1402) was the son and heir of Sir Philip le Despenser of Goxhill, son of Sir Philip Le Despenser, the elder. His mother was Hon. Joan Cobham, daughter of John Cobham, 2nd Baron Cobham of Kent. He was created Baron le Despenser by writ of summons on 17 December 1387.
He married a woman named Elizabeth. He bore the arms of Goushill, his grandmother's family, in lieu of those of Despencer. It appears that he was summoned to Parliament, and died on 4 August 1402. His title passed to his son Philip le Despenser, 2nd Baron le Despenser.