Wednesday 14 April 1948 at Baseball Ground (Att 17,376)

Derby County (0) 1 (Stamps 63): Wallace, Mosley, Howe, Ward, Leuty, Antonio, Harrison, Steel, Morrison, Stamps, Broome.
Wolves (0) 2 (Pye 46, Dunn 83): Williams, Kelly, Springthorpe, Wright, Shorthouse, Chatham, Crook, Dunn, Pye, Stevenson, Hancocks.

Referee: Mr E Baker (Manchester).
Order of Goals: W,d,W.
Re-Arranged: Originally set for 24 January Wolves drip the East Midlands was rescheduled because of both clubs involvement in the FA Cup.
Position: 4th.