| Final Ranking | pts | won | drw | lst | gf | ga | g+- | ratio | m | | | 1. | Lokomotiv Kharkov | UKR | 7 | 3 | 1 | 1 | 11: | 3 | +8 | 3.667 | 5 | | | 2. | Metallurg Moskva | RUS | 6 | 3 | 0 | 2 | 4: | 2 | +2 | 2.000 | 5 | | | 3. | Dynamo Yerevan | ARM | 6 | 2 | 2 | 1 | 10: | 7 | +3 | 1.429 | 5 | | | 4. | Dzerzhinets Chelyabinsk | RUS | 6 | 3 | 0 | 2 | 9: | 8 | +1 | 1.125 | 5 | | | 5. | Dynamo Kazan | RUS | 4 | 1 | 2 | 2 | 4: | 6 | -2 | 0.667 | 5 | | | 6. | Dom Ofitserov Tashkent | UZB | 1 | 0 | 1 | 4 | 7: | 19 | -12 | 0.368 | 5 | |
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| Lokomotiv Kharkov and Dynamo Yerevan were promoted to Pervaya Gruppa 1949. |
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| Table | Loko | Meta | Dyna | Dzer | Dyna | Dom | | Lokomotiv Kharkov | ---- | | 0:0 | 3:1 | 2:0 | 6:0 | | Metallurg Moskva | 2:0 | ---- | 1:0 | | | 1:0 | | Dynamo Yerevan | | | ---- | 2:1 | 2:2 | 6:3 | | Dzerzhinets Chelyabinsk | | 1:0 | | ---- | 1:0 | 5:3 | | Dynamo Kazan | | 1:0 | | | ---- | 1:1 | | Dom Ofitserov Tashkent | | | | | | ---- |
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| All matches played in Kharkov. | | |
| date | team 1 ____________ | score | team 2 ____________ | HT | | | Sun 10.10.48 | Dynamo Kazan | RUS | 1-1 | Dom Ofitserov Tashkent | UZB | 1-1 | R1 | | Mon 11.10.48 | Metallurg Moskva | RUS | 1-0 | Dynamo Yerevan | ARM | --- | R1 | | Tue 12.10.48 | Lokomotiv Kharkov | UKR | 3-1 | Dzerzhinets Chelyabinsk | RUS | 2-0 | R1 |
| date | team 1 ____________ | score | team 2 ____________ | HT | | | Fri 15.10.48 | Dynamo Yerevan | ARM | 2-2 | Dynamo Kazan | RUS | 0-1 | R2 | | Sat 16.10.48 | Lokomotiv Kharkov | UKR | 6-0 | Dom Ofitserov Tashkent | UZB | 2-0 | R2 | | Sun 17.10.48 | Dzerzhinets Chelyabinsk | RUS | 1-0 | Metallurg Moskva | RUS | 1-0 | R2 |
| date | team 1 ____________ | score | team 2 ____________ | HT | | | Wed 20.10.48 | Dynamo Yerevan | ARM | 6-3 | Dom Ofitserov Tashkent | UZB | 4-2 | R3 | | Thu 21.10.48 | Dzerzhinets Chelyabinsk | RUS | 1-0 | Dynamo Kazan | RUS | 0-0 | R3 | | Fri 22.10.48 | Metallurg Moskva | RUS | 2-0 | Lokomotiv Kharkov | UKR | 1-0 | R3 |
| date | team 1 ____________ | score | team 2 ____________ | HT | | | Mon 25.10.48 | Dynamo Yerevan | ARM | 2-1 | Dzerzhinets Chelyabinsk | RUS | 1-0 | R4 | | Tue 26.10.48 | Metallurg Moskva | RUS | 1-0 | Dom Ofitserov Tashkent | UZB | 0-0 | R4 | | Wed 27.10.48 | Lokomotiv Kharkov | UKR | 2-0 | Dynamo Kazan | RUS | 1-0 | R4 |
| date | team 1 ____________ | score | team 2 ____________ | HT | | | Sat 30.10.48 | Dzerzhinets Chelyabinsk | RUS | 5-3 | Dom Ofitserov Tashkent | UZB | 2-2 | R5 | | Sun 31.10.48 | Dynamo Kazan | RUS | 1-0 | Metallurg Moskva | RUS | 0-0 | R5 | | Sun 31.10.48 | Lokomotiv Kharkov | UKR | 0-0 | Dynamo Yerevan | ARM | 0-0 | R5 |
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