1947–48 Yugoslav First League

Changes from last season

 * Teams promoted from 1946–47 Yugoslav Second League:
 * Sarajevo


 * Teams relegated from 1946–47 Yugoslav First League:
 * 9th place: Kvarner (Rijeka)
 * 10th place: Budućnost (Titograd)
 * 12th place: Željezničar (Sarajevo)
 * 13th place: 14. Oktobar (Niš)
 * 14th place: Nafta Lendava

Winning squad
Champions:
 * Dinamo Zagreb (coach: Karl Mütsch)

players (league matches/league goals): 1 og
 * Slavko Arneri 6 (0)
 * Josip Babić 9 (0)
 * Aleksandar Benko 9 (4)
 * Zvonimir Cimermančić 18 (11)
 * Željko Čajkovski 18 (6)
 * Drago Horvat 18 (0)
 * Ivan Horvat 9 (0)
 * Ivan Jazbinšek 9 (0)
 * Marko Jurić 12 (0)
 * Ratko Kacijan 16 (2)
 * Mirko Kokotović 2 (0)
 * Dragutin Lojen 1 (0)
 * Zvonimir Monsider 3 (0)
 * Branko Pleše 18 (2)
 * Krešimir Pukšec 10 (0)
 * Ivica Rajs 10 (3)
 * Božidar Senčar 7 (4)
 * Zvonko Strnad 2 (1)
 * Đuka Strugar 4 (0)
 * Franjo Wölfl 17 (22)

Quarter finals
Crvena Zvezda Beograd x - x X

Partizan Beograd 2 - 0 Lokomotiva Zagreb

X x - x X

Dinamo Zagreb x - x X

Semi finals
Crvena Zvezda Beograd x - x X

Partizan Beograd 3 - 3 Dinamo Zagreb

Finals
Partizan 0 - 3 Crvena Zvezda

Stadium: Stadion Crvene Zvezde

Attendance: 30,000

Referee: Lemesic (Split)

Partizan: Franjo Šoštarić, Vladimir Firm, M.Petrovic, Zlatko Čajkovski, Milorad Jovanović, Lajčo Jakovetić, Prvoslav Mihajlović, Božidar Drenovac, Stjepan Bobek, Aleksandar Atanacković, Kiril Simonovski

Crvena zvezda: Srđan Mrkušić, Branko Stanković, Milenko Drakulić, Dimitrije Tadić, Milivoje Đurđević, Predrag Đajić, Cokic, Rajko Mitić, Kosta Tomašević, Bela Palfi, Branislav Vukosavljević