| Pos | Team | Pld | Pts | GD | W | D | L | F | A |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Queens Park Rangers | 42 | 61 | +37 | 26 | 9 | 7 | 74 | 37 |
| 2 | Bournemouth & Boscombe Ath. | 42 | 57 | +41 | 24 | 9 | 9 | 76 | 35 |
| 3 | Walsall | 42 | 51 | +30 | 21 | 9 | 12 | 70 | 40 |
| 4 | Ipswich Town | 42 | 49 | +6 | 23 | 3 | 16 | 67 | 61 |
| 5 | Swansea Town | 42 | 48 | +18 | 18 | 12 | 12 | 70 | 52 |
| 6 | Notts. County | 42 | 46 | +9 | 19 | 8 | 15 | 68 | 59 |
| 7 | Bristol City | 42 | 43 | +12 | 18 | 7 | 17 | 77 | 65 |
| 8 | Port Vale | 42 | 43 | +9 | 16 | 11 | 15 | 63 | 54 |
| 9 | Southend United | 42 | 43 | -7 | 15 | 13 | 14 | 51 | 58 |
| 10 | Reading | 42 | 41 | -2 | 15 | 11 | 16 | 56 | 58 |
| 11 | Exeter City | 42 | 41 | -8 | 15 | 11 | 16 | 55 | 63 |
| 12 | Newport County | 42 | 41 | -12 | 14 | 13 | 15 | 61 | 73 |
| 13 | Crystal Palace | 42 | 39 | 0 | 13 | 13 | 16 | 49 | 49 |
| 14 | Northampton Town | 42 | 39 | -14 | 14 | 11 | 17 | 58 | 72 |
| 15 | Watford | 42 | 38 | -22 | 14 | 10 | 18 | 57 | 79 |
| 16 | Swindon Town | 42 | 36 | -5 | 10 | 16 | 16 | 41 | 46 |
| 17 | Leyton Orient | 42 | 36 | -22 | 13 | 10 | 19 | 51 | 73 |
| 18 | 42 | 35 | +1 | 11 | 13 | 18 | 63 | 62 | |
| 19 | Aldershot | 42 | 35 | -22 | 10 | 15 | 17 | 45 | 67 |
| 20 | Bristol Rovers | 42 | 34 | -4 | 13 | 8 | 21 | 71 | 75 |
| 21 | Norwich City | 42 | 34 | -15 | 13 | 8 | 21 | 61 | 76 |
| 22 | Brighton & Hove Albion | 42 | 34 | -30 | 11 | 12 | 19 | 43 | 73 |
Content retrieved from: http://stats.football.co.uk/league_tables/1947_1948/third_division_south/index.shtml.
