Saturday 14 February 1948 at Stamford Bridge (Att 66,640)

Chelsea (0) 1 (Goddard 56): Medhurst, Winter, Bathgate, Harris, Goddard, Macauley, Campbell, Bentley, Armstrong, Goulden, McInnes.
Wolves (0) 1 (Hancocks 68p): Elliott, Kelly, McLean, Crook, Shorthouse, Wright, Hancocks, Dunn, Westcott, Stevenson, Mynard.

Referee: Mr L Gibbs (Reading).
Order of Goals: c,W.
Penalty: Awarded for a foul on Dennis Westcott who had broken clear.
Position: 6th.