We report on results of a 96.7 ks Chandra observation of one of the youngest, most embedded, and most massive young stellar clusters studied in X-rays: RCW 38. We detect 460 sources in the field, of which 360 are confirmed to be associated with the RCW 38 cluster. The cluster members range in luminosity from 1030 to 1033.5 ergs s-1. Over 10% of the cluster members with over 100 counts exhibit flares, while about 15% of the cluster members with over 30 counts are variable. Of the sources identified as cluster members, 160 have near-infrared (NIR) counterparts either in the Two Micron All Sky Survey database or detected via Very Large Telescope observations. Of these, about 20% appear to have optically thick disks. An additional 353 members are identified through NIR observations, of which at least 50% possess optically thick disks. We fit over 100 X-ray sources as absorbed Raymond-Smith-type plasmas and find that the column to the cluster members varies from 1021.5 to 1023 cm-2. We compare the gas to dust absorption signatures in these stars and find NH = AV cm-2. We find that the cluster contains 31 candidate OB stars and is centered about 10'' (0.1 pc) west of the primary source of the ionization, the O5 star IRS 2. The cluster has a peak central density of about 400 X-ray sources pc-2. We estimate that the total cluster membership exceeds 2000 stars.