Saturday 18 September 1954 at Molineux (Att 40,089)

Wolves (1) 1 (Smith 10): Williams, Stuart, Shorthouse, Slater, Wright, Flowers, Smith, Broadbent, Swinbourne, Wilshaw, Mullen.
Bolton Wanderers (1) 2 (Parry 45, Hassall 68): Hanson, Ball, Banks, Bell, Barrass, Edwards, Holden, Mair, Wheeler, Hassall, Parry.

Referee: Mr S Rogers (Shrewsbury).
Order of Goals: W,b,b.
Position: 3rd.