Saturday 1 May 1948 at Anfield (Att 31,733)

Liverpool (1) 2 (Paisley 21, Balmer 85): Sidlow, Jones, Lambert, Taylor, Hughes, Paisley, Liddell, Balmer, Stubbins, Fagen, Brierley.
Wolves (1) 1 (Pye 40): Williams, Kelly, Springthorpe, Chatham, Shorthouse, Wright, Smith, Dunn, Pye, Smyth, Mullen.

Referee: Mr C Fletcher (Davenham, Cheshire).
Order of Goals: l,W,l.
Position: 5th.