It was the 48th annual Grand Final of the Victorian Football League, staged to determine the premiers for the 1946 VFL season.

The match was marked by Essendon's dominant third quarter, in which it scored a grand final record of 11.8 (74) to turn a close half-time deficit into a match-winning lead.

The match was the first grand final played at the Melbourne Cricket Ground since 1941, it having been appropriated for military use during World War II.

Fanning won several decisive ruck contests in setting up his team's early goals inside the first ten minutes.

[3] Soon after, a fumble by the Essendon defenders allowed Ernie O'Rourke to kick Melbourne's fifth goal,[3] pushing the advantage back to twenty points.

[4] Melbourne re-took the lead after Mueller converted a set shot after a big pack mark, and Essendon equalised again with a roving effort from Reynolds.

[4] Hutchison's roving work had been critical in bringing Essendon back into the game, after Fanning's early ruckwork had given Melbourne the lead.

A turnover in Melbourne's backline ended with a mark to Lane, who kicked his fourth goal to give Essendon its first lead of the game.

Essendon had kicked 2.5 to Melbourne's 2.1 in the quarter, and had been overall the stronger team in all aspects – particularly speed, ruck work and co-operation – but had been unable to converting opportunities in front of goal.

Essendon's Gordon Lane was considered the best player on the ground his seven-goal performance, with sportswriters in all four major newspapers naming him best.

[6][3][2][1] Essendon rovers Bill Hutchison and Dick Reynolds and full back Cec Ruddell were both also singled out for praise, alongside fellow defenders Herbie Tonkes and Wally Buttsworth.

[2] At the tribunal following the match, Frank Kennedy was suspended for four weeks for striking; the misconduct charge against Adrian Dullard was dismissed.