| Match | Date | Opponent | Venue | Result | Attendance | Scorers |
| 1 | 21 August 1948 | Doncaster Rovers | H | 2–2 | 16,749 | Oscroft (2) |
| 2 | 25 August 1948 | Bradford City | A | 0–1 | 9,481 | |
| 3 | 28 August 1948 | Hull City | A | 0–4 | 34,075 | |
| 4 | 30 August 1948 | Bradford City | H | 1–0 | 13,056 | Oscroft |
| 5 | 4 September 1948 | Rotherham United | H | 1–2 | 16,224 | Cooling |
| 6 | 6 September 1948 | Halifax Town | H | 2–1 | 11,626 | Cooling, McCarter |
| 7 | 11 September 1948 | Accrington Stanley | A | 1–1 | 6,160 | Banks |
| 8 | 13 September 1948 | Halifax Town | A | 2–2 | 8,900 | Banks, Oscroft |
| 9 | 18 September 1948 | Oldham Athletic | H | 3–2 | 11,910 | Banks, Oscroft (2) |
| 10 | 25 September 1948 | Tranmere Rovers | A | 0–1 | 8,140 | |
| 11 | 2 October 1948 | Chester | H | 1–0 | 12,459 | McCarter |
| 12 | 9 October 1948 | Southport | A | 1–1 | 8,850 | Wheatley |
| 13 | 16 October 1948 | Crewe Alexandra | H | 5–1 | 12,512 | Oscroft, Edwards, Devey, Mercer (2) |
| 14 | 23 October 1948 | York City | A | 1–2 | 10,888 | Oscroft |
| 15 | 30 October 1948 | Stockport County | H | 4–0 | 11,807 | Mercer (3), Banks |
| 16 | 6 November 1948 | Carlisle United | A | 1–3 | 13,726 | Cooling |
| 17 | 13 November 1948 | Gateshead | H | 1–1 | 8,983 | Mercer |
| 18 | 20 November 1948 | Hartlepools United | A | 1–1 | 7,394 | Wheatley |
| 19 | 4 December 1948 | New Brighton | A | 0–1 | 5,900 | |
| 20 | 18 December 1948 | Doncaster Rovers | A | 1–1 | 10,541 | Oscroft |
| 21 | 27 December 1948 | Wrexham | H | 1–2 | 13,104 | Oscroft |
| 22 | 1 January 1949 | Hull City | H | 1–1 | 11,735 | Devey |
| 23 | 15 January 1949 | Rotherham United | A | 0–1 | 16,841 | |
| 24 | 22 January 1949 | Accrington Stanley | H | 2–0 | 11,703 | Oscroft, Cooling |
| 25 | 29 January 1949 | Darlington | H | 2–2 | 14,094 | Devey, Banks |
| 26 | 5 February 1949 | Oldham Athletic | A | 0–4 | 14,935 | |
| 27 | 12 February 1949 | New Brighton | H | 2–0 | 9,187 | Oscroft (2) |
| 28 | 19 February 1949 | Tranmere Rovers | H | 0–0 | 11,448 | |
| 29 | 26 February 1949 | Chester | A | 1–1 | 5,250 | Banks |
| 30 | 5 March 1949 | Southport | H | 1–1 | 6,237 | Cooling |
| 31 | 12 March 1949 | Crewe Alexandra | A | 1–3 | 5,598 | Cooling |
| 32 | 19 March 1949 | York City | H | 3–0 | 8,197 | Banks (2), Peters |
| 33 | 26 March 1949 | Stockport County | A | 0–2 | 8,138 | |
| 34 | 2 April 1949 | Carlisle United | H | 2–0 | 8,615 | Oscroft, Wheatley |
| 35 | 4 April 1949 | Rochdale | A | 0–1 | 3,362 | |
| 36 | 9 April 1949 | Gateshead | A | 0–0 | 3,958 | |
| 37 | 15 April 1949 | Barrow | A | 0–1 | 5,759 | |
| 38 | 16 April 1949 | Hartlepools United | H | 1–0 | 9,017 | Cooling |
| 39 | 18 April 1949 | Barrow | H | 2–0 | 8,996 | McCarter (2) |
| 40 | 23 April 1949 | Darlington | A | 2–1 | 7,490 | Barks, Brown (o.g) |
| 41 | 30 April 1949 | Rochdale | H | 2–0 | 9,885 | Chessell (2) |
| 42 | 4 May 1949 | Wrexham | A | 1–1 | 4,353 | Peters |