<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001047852</cik>
        <entityName>M FINANCIAL HOLDINGS INC</entityName>
        <issuerAddress>
            <street1>1125 N W COUCH ST</street1>
            <street2>SUITE 900</street2>
            <city>PORTLAND</city>
            <stateOrCountry>OR</stateOrCountry>
            <zipCode>97209</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>503-232-6960</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Corporation</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
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            <relatedPersonName>
                <firstName>James</firstName>
                <middleName>A.</middleName>
                <lastName>Cheney</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1400 Williams Street</street1>
                <city>Chattanooga</city>
                <stateOrCountry>TN</stateOrCountry>
                <zipCode>37408</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
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            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <lastName>Coyle</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>95 Sawyer Road</street1>
                <city>Waltham</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02453</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
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        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <middleName>J.</middleName>
                <lastName>Downey</lastName>
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            <relatedPersonAddress>
                <street1>505 Devonshire Drive</street1>
                <city>Champaign</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>61824</zipCode>
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            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <middleName>W.</middleName>
                <lastName>Meisenbach</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1325 4th Avenue</street1>
                <street2>Suite 2100</street2>
                <city>Seattle</city>
                <stateOrCountry>WA</stateOrCountry>
                <zipCode>98101</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Peter</firstName>
                <middleName>W.</middleName>
                <lastName>Mullin</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>644 South Figueroa Street</street1>
                <street2>2nd Floor</street2>
                <city>Los Angles</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>90017</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
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        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jeffrey</firstName>
                <middleName>J.</middleName>
                <lastName>Brown</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>19800 MacArthur Blvd</street1>
                <street2>Suite 690</street2>
                <city>Irvine</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>92612</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
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            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Richard</firstName>
                <middleName>D.</middleName>
                <lastName>Mack</lastName>
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            <relatedPersonAddress>
                <street1>201 West 103rd Street</street1>
                <street2>Suite 100</street2>
                <city>Indianapolis</city>
                <stateOrCountry>IN</stateOrCountry>
                <zipCode>46290</zipCode>
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            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Bernard</firstName>
                <middleName>Joseph</middleName>
                <lastName>White</lastName>
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            <relatedPersonAddress>
                <street1>1212 West Armory Avenue</street1>
                <city>Champaign</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>61821</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Randall</firstName>
                <middleName>M.</middleName>
                <lastName>O'Connor</lastName>
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            <relatedPersonAddress>
                <street1>1125 N W Couch Street</street1>
                <street2>Suite 900</street2>
                <city>Portland</city>
                <stateOrCountry>OR</stateOrCountry>
                <zipCode>97209</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Lawton</firstName>
                <middleName>M.</middleName>
                <lastName>Nease III</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2100 RiverEdge Parkway</street1>
                <street2>Suite 200</street2>
                <city>Atlanta</city>
                <stateOrCountry>GA</stateOrCountry>
                <zipCode>30328</zipCode>
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            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Victor</firstName>
                <middleName>H.</middleName>
                <lastName>Palmieri</lastName>
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            <relatedPersonAddress>
                <street1>1437 Via Anita</street1>
                <city>Pacific Palisades</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>90272</zipCode>
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            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
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            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Mark</firstName>
                <middleName>I</middleName>
                <lastName>Solomon</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>308 E Lancaster Avenue</street1>
                <street2>Suite 300</street2>
                <city>Wynnewood</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19096</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Fred</firstName>
                <middleName>H</middleName>
                <lastName>Jonske</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1125 N W Couch Street</street1>
                <street2>Suite 900</street2>
                <city>Portland</city>
                <stateOrCountry>OR</stateOrCountry>
                <zipCode>97209</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Daniel</firstName>
                <middleName>F</middleName>
                <lastName>Byrne</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1125 N W Couch Street</street1>
                <street2>Suite 900</street2>
                <city>Portland</city>
                <stateOrCountry>OR</stateOrCountry>
                <zipCode>97209</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Donald</firstName>
                <middleName>H</middleName>
                <lastName>Friedman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1125 N W Couch Street</street1>
                <street2>Suite 900</street2>
                <city>Portland</city>
                <stateOrCountry>OR</stateOrCountry>
                <zipCode>97209</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Connie</firstName>
                <middleName>K</middleName>
                <lastName>Morrison</lastName>
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            <relatedPersonAddress>
                <street1>1125 N W Couch Street</street1>
                <street2>Suite 900</street2>
                <city>Portland</city>
                <stateOrCountry>OR</stateOrCountry>
                <zipCode>97209</zipCode>
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            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
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            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Insurance</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2010-03-10</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>10000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>40000</totalOfferingAmount>
            <totalAmountSold>40000</totalAmountSold>
            <totalRemaining>0</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>true</hasNonAccreditedInvestors>
            <numberNonAccreditedInvestors>0</numberNonAccreditedInvestors>
            <totalNumberAlreadyInvested>4</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>M FINANCIAL HOLDINGS INC</issuerName>
                <signatureName>David Schutt</signatureName>
                <nameOfSigner>David W. Schutt</nameOfSigner>
                <signatureTitle>Secretary</signatureTitle>
                <signatureDate>2010-03-17</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
