Football League Third Division South 1947/48
| Pos | Club | Pld | W | D | L | F | A | GA | Pts | Notes |
| 1st | Queens Park Rangers | 42 | 26 | 9 | 7 | 74 | 37 | 2.000 | 61 | ▲Champions |
| 2nd | Bournemouth & Boscambe Athletic | 42 | 24 | 9 | 9 | 76 | 35 | 2.171 | 57 | Runners Up |
| 3rd | Walsall | 42 | 21 | 9 | 12 | 70 | 40 | 1.750 | 51 | - |
| 4th | Ipswich Town | 42 | 23 | 3 | 16 | 67 | 61 | 1.098 | 49 | - |
| 5th | Swansea Town | 42 | 18 | 12 | 12 | 70 | 52 | 1.346 | 48 | - |
| 6th | Notts County | 42 | 19 | 8 | 15 | 68 | 59 | 1.153 | 46 | - |
| 7th | Bristol City | 42 | 18 | 7 | 17 | 77 | 65 | 1.185 | 43 | - |
| 8th | Port Vale | 42 | 16 | 11 | 15 | 63 | 54 | 1.167 | 43 | - |
| 9th | Southend United | 42 | 15 | 13 | 14 | 51 | 58 | 0.879 | 43 | - |
| 10th | Reading | 42 | 15 | 11 | 16 | 56 | 58 | 0.966 | 41 | - |
| 11th | Exeter City | 42 | 15 | 11 | 16 | 55 | 63 | 0.873 | 41 | - |
| 12th | Newport County | 42 | 14 | 13 | 15 | 61 | 73 | 0.836 | 41 | - |
| 13th | Crystal Palace | 42 | 13 | 13 | 16 | 49 | 49 | 1.000 | 39 | - |
| 14th | Northampton Town | 42 | 14 | 11 | 17 | 58 | 72 | 0.806 | 39 | - |
| 15th | Watford | 42 | 14 | 10 | 18 | 57 | 79 | 0.722 | 38 | - |
| 16th | Swindon Town | 42 | 10 | 16 | 16 | 41 | 46 | 0.891 | 36 | - |
| 17th | Leyton Orient | 42 | 13 | 10 | 19 | 51 | 73 | 0.699 | 36 | - |
| 18th | Torquay United | 42 | 11 | 13 | 18 | 63 | 62 | 1.016 | 35 | - |
| 19th | Aldershot | 42 | 10 | 15 | 17 | 45 | 67 | 0.672 | 35 | - |
| 20th | Bristol Rovers | 42 | 13 | 8 | 21 | 71 | 75 | 0.947 | 34 | - |
| 21st | Norwich City | 42 | 13 | 8 | 21 | 61 | 76 | 0.803 | 34 | Re Elected |
| 22nd | Brighton & Hove Albion | 42 | 11 | 12 | 19 | 43 | 73 | 0.589 | 34 | Re Elected |
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Election for League Membership |
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| The bottom two clubs were required to seek re-election to the League. They were joined in the vote for membership of the Southern section of the Third Division by 10 non-league clubs | ||
| Votes | Club | End Result |
| 47 | Norwich City | Re Elected to the League |
| 47 | Brighton & Hove Albion | Re Elected to the League |
| 2 | Colchester United | Not Elected to the League |
| 1 | Gillingham | Not Elected to the League |
| 1 | Worcester City | Not Elected to the League |
| 0 | Bath City | Not Elected to the League |
| 0 | Bridgend Town | Not Elected to the League |
| 0 | Chelmsford City | Not Elected to the League |
| 0 | Lovell's Athletic | Not Elected to the League |
| 0 | Merthyr Tydfil | Not Elected to the League |
| 0 | Peterborough United | Not Elected to the League |
| 0 | Yeovil Town | Not Elected to the League |
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End of Season Notes |
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▼Millwall were Relegated from the Football League Second Division |
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▲Queens Park Rangers were Promoted to the Football League Second Division |
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- Norwich City were Re-Elected to the League |
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- Brighton & Hove Albion were Re-Elected to the League |
