Preview
The newly-formed Hamilton Westinghouse club joined the league before the start of the season.
Review of the season
Toronto Greenbacks defeated London Labbats 4-1 in the opening game of Western Division on May 2 in Toronto.
Hamilton Westinghouse won the western section.
Montreal Carsteel won the eastern section.
Carsteel won the playoff championship.
Doug McMahon set a new Canadian goalscoring record by scoring 71 goals during the 1948 season. The previous record was the 60 goals scored by Eddie MacLaine in the 1925 season.
After the season London Labbats and Brantford Nationals joined the Ontario Major League.
Results and standings
Western Section
Toronto Greenbacks, Hamilton Westinghouse, London Labatts, Brantford Nationals
Eastern Section
Final standings
| GP | W | L | T | Pts | |
| 1. Carsteel | |||||
| 2. Canadair | |||||
Eastern playoffs
September 25, 1948 Notre Dame Stadium, Montreal
Carsteel 4 (Doug McMahon 3, Andy Menyes)
Canadair Falcons 2
September 26, 1948 Charlevoix, Montreal
Carsteel 6 (Doug McMahon 2, Andy Menyes 2, Willie Gammon, Stoddard)
Canadair Falcons 2
Carsteel won the two-game total-goal series 10-4.
Atholstan Cup Final
October 9, 1948 Charlevoix, Montreal
Montreal Carsteel 3
Hamilton Westinghouse 1
October 10, 1948 at Charlevoix, Montreal
Montreal Carsteel 3 (Doug McMahon, Jack Muir, Paul Castonguay)
Hamilton Westinghouse 3 (Bob Kennedy, Jimmy Swan, George Campbell)
Carsteel won the two-game total-goals series 6-4.
Exhibition game
July 3, 1948 Toronto
Attendance: 5,500
Toronto Greenbacks 0
Djurgaarden (Sweden) 6 (Hasse Jeppson 5, Sture Larsson)
