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First round selections 
|= All-Star||= Baseball Hall of Famer|
The following are the first round picks in the 1978 Major League Baseball draft.
Compensation Picks 
- Pick from Chicago White Sox as compensation for signing of free agent Ron Blomberg
- Pick from Texas Rangers as compensation for signing of free agent Mike Jorgensen
- Pick from Los Angeles Dodgers as compensation for signing of free agent Terry Forster
- Pick from Boston Red Sox as compensation for signing of free agent Mike Torrez
In 1978, four players made the jump from amateur baseball to the major leagues, including Arizona State third baseman Bob Horner, who was selected number one overall by the Atlanta Braves. Oakland pitchers Tim Conroy and Mike Morgan, and Brian Milner of Toronto also went directly to the big leagues.
In addition to Horner, the Braves also selected future major leaguers Matt Sinatro (2nd round), Steve Bedrosian (3rd round), Rick Behenna (4th round), Jose Alvarez (8th round) and Gerald Perry (11th round).
Others drafted in June 1978 included Lloyd Moseby and Dave Stieb (Toronto), Mike Marshall and Steve Sax (Los Angeles), Cal Ripken, Jr. and Mike Boddicker (Baltimore), Kirk Gibson (Detroit), Kent Hrbek (Minnesota) and Hubie Brooks (New York Mets).
Other notable players 
- Cal Ripken Jr. (2nd round) Baltimore Orioles
- Rob Deer (4th round) San Francisco Giants
- Dave Stieb (5th round) Toronto Blue Jays
- Tim Wallach (8th round) California Angels
- Steve Sax (9th round) Los Angeles Dodgers
- Mark Langston (15th round) Chicago Cubs
- Kent Hrbek (17th round) Minnesota Twins
- Ryne Sandberg (20th round) Philadelphia Phillies (played for the Chicago Cubs)
- Howard Johnson (21st round) New York Yankees
- Rick Leach (24th round) Philadelphia Phillies (played QB for the Michigan Wolverines)
|1st Overall Picks
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