Football League Third Division South 1948/49
| Pos | Club | Pld | W | D | L | F | A | GA | Pts | Notes |
| 1st | Swansea Town | 42 | 27 | 8 | 7 | 87 | 34 | 2.559 | 62 | ▲Champions |
| 2nd | Reading | 42 | 25 | 5 | 12 | 77 | 50 | 1.540 | 55 | Runners Up |
| 3rd | Bournemouth & Boscambe Athletic | 42 | 22 | 8 | 12 | 69 | 48 | 1.438 | 52 | - |
| 4th | Swindon Town | 42 | 18 | 15 | 9 | 64 | 56 | 1.143 | 51 | - |
| 5th | Bristol Rovers | 42 | 19 | 10 | 13 | 61 | 51 | 1.196 | 48 | - |
| 6th | Brighton & Hove Albion | 42 | 15 | 18 | 9 | 55 | 55 | 1.000 | 48 | - |
| 7th | Ipswich Town | 42 | 18 | 9 | 15 | 78 | 77 | 1.013 | 45 | - |
| 8th | Millwall | 42 | 17 | 11 | 14 | 63 | 64 | 0.984 | 45 | - |
| 9th | Torquay United | 42 | 17 | 11 | 14 | 65 | 70 | 0.929 | 45 | - |
| 10th | Norwich City | 42 | 16 | 12 | 14 | 67 | 49 | 1.367 | 44 | - |
| 11th | Notts County | 42 | 19 | 5 | 18 | 102 | 68 | 1.500 | 43 | - |
| 12th | Exeter City | 42 | 15 | 10 | 17 | 63 | 76 | 0.829 | 40 | - |
| 13th | Port Vale | 42 | 14 | 11 | 17 | 51 | 54 | 0.944 | 39 | - |
| 14th | Walsall | 42 | 15 | 8 | 19 | 56 | 64 | 0.875 | 38 | - |
| 15th | Newport County | 42 | 14 | 9 | 19 | 68 | 92 | 0.739 | 37 | - |
| 16th | Bristol City | 42 | 11 | 14 | 17 | 44 | 62 | 0.710 | 36 | - |
| 17th | Watford | 42 | 10 | 15 | 17 | 41 | 54 | 0.759 | 35 | - |
| 18th | Southend United | 42 | 9 | 16 | 17 | 41 | 46 | 0.891 | 34 | - |
| 19th | Leyton Orient | 42 | 11 | 12 | 19 | 58 | 80 | 0.725 | 34 | - |
| 20th | Northampton Town | 42 | 12 | 9 | 21 | 51 | 62 | 0.823 | 33 | - |
| 21st | Aldershot | 42 | 11 | 11 | 20 | 48 | 59 | 0.814 | 33 | Re Elected |
| 22nd | Crystal Palace | 42 | 8 | 11 | 23 | 38 | 76 | 0.500 | 27 | Re Elected |
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Election for League Membership |
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| Aldershot and Crystal Palace were required to seek re-election and were challenged in the vote for League membership by 5 non-league clubs. | ||
| Votes | Club | End Result |
| 41 | Aldershot | Re Elected to the League |
| 40 | Crystal Palace | Re Elected to the League |
| 5 | Gillingham | Not Elected to the League |
| 5 | Worcester City | Not Elected to the League |
| 3 | Merthyr Tydfil | Not Elected to the League |
| 2 | Yeovil Town | Not Elected to the League |
| 0 | Peterborough United | Not Elected to the League |
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End of Season Notes |
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▼Nottingham Forest were Relegated from the Football League Second Division |
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▲Swansea Town were Promoted to the Football League Second Division |
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- Aldershot were Re-Elected to the League |
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- Crystal Palace were Re-Elected to the League |
