Competition schedule
First elimination round
All games of the round took place on 3 October 1948, and replay next day on 4 October 1948.
| Stal Dniprodzerzhynsk | +/- | Dynamo Uzhhorod | (no show) |
| Stal Dnipropetrovsk | 5:2 | Stal Kostiantynivka | |
| Shakhtar Stalino | 1:0 | ODO Kiev | |
| Spartak Lviv | 5:1 | Dynamo Sumy | |
| Kharchovyk Odesa | 2:0 | Sudnobudivnyk Mykolaiv | |
| Bilshovyk Mukachevo | 6:2 | Avanhard Kramatorsk | |
| Lokomotyv Zaporizhia | +/- | Torpedo Odesa | (no show) |
| Torpedo KhTZ Kharkiv | 5:2 | Dynamo Voroshylovhrad | 2:2 (replay) |
- Notes: Dynamo Vinnytsia withdrew
Second elimination round
All games of the round took place on 10 October 1948, and replay next day on 11 October 1948.
| Stal Dnipropetrovsk | 1:3 | Shakhtar Stalino | 3:3 (replay) |
| Dynamo Kyiv | 2:1 | Spartak Uzhhorod | |
| Spartak Kherson | 1:0 | Stal Dniprodzerzhynsk | |
| Bilshovyk Mukachevo | 2:0 | Lokomotyv Vinnytsia | |
| Shakhtar Kadiivka | +/- | Dynamo Voznesensk | (no show or forfeit) |
| Spartak Lviv | 4:1 | Torpedo KhTZ Kharkiv | |
| Kharchovyk Odesa | 2:0 | m/u 25750 Kyiv (ODO (reserves) Kyiv) | |
| Lokomotyv Zaporizhia | x:x | ? |
Quarterfinals
All games were played in Kyiv.
| Dynamo Kyiv | 3:2 | Spartak Kherson | (played on 17 October) |
| Shakhtar Stalino | 2:1 | Spartak Lviv | (played on 18 October) |
| Lokomotyv Zaporizhia | 5:1 | Shakhtar Kadiivka | (played on 20 October) |
| Kharchovyk Odesa | 1:2 | Bilshovyk Mukachevo | 2:2 (first replay played on 19 October), 4:3 (second replay played on 20 October, protested and annulled), (third game was played in 22 October) |
Semifinals
All games were played in Kyiv.
| Dynamo Kyiv | 1:0 | Stakhtar Stalino | (played on 21 October) |
| Bilshovyk Mukachevo | 3:1 | Lokomotyv Zaporizhia | (played on 24 October) |
Final
| Dynamo Kyiv | 4–1 | Bilshovyk Mukachevo |
|---|---|---|
Zhylin  16', 44'Ponomaryov 46'Vinkovatov 78' |
Egervary 83' (pen.) |
