The teams met in the second semi-final, and after Essendon took a 25-point quarter time lead, Carlton fought back and ultimately won the game 14.15 (99) d. 11.17 (83) to qualify for the grand final.

Essendon made one change to its run-on team from the preliminary final: Gordon Lane was out with broken ribs, and was replaced by veteran Jack Cassin; Cassin had been serving as captain-coach of the seconds during the year and had not played a senior game since 1946, and the 1947 grand final was ultimately the last VFL game of his career.

[4] Essendon captain-coach Reynolds later lamented his side's overuse of short passing in the forward line during the quarter while it held the advantage.

[4] Essendon then began to control the play, and over the next period of the game kicked 2.3 (15) to Carlton's no score, missing several shots but with goals to Reynolds and Brittingham, to take a ten point lead.

[4] Ultimately, it was the difference in goalkicking accuracy, as well as strong play by the Carlton defenders in repelling the Essendon attacks, which had kept the game close.

[4] The third quarter opened in an arm wrestle, the game mostly played between the two half-back lines; Buttsworth proved impenetrable for Essendon and the Carlton defenders similarly effective at the other end.

[4] There was no more scoring, but the quarter ended with a nasty incident in which Howell dropped behind play, and Carlton's Vin Brown was accidentally knocked unconscious by a team-mate in the ensuing melee.

[4] Deacon, hobbled by persistent cramping, had increasingly become a liability against Hutchison, and he was replaced at centre half-back by reserve Ken Baxter at three-quarter time.

[4] After one more behind each, Essendon extended its lead when Keith Rawle capitalised on a Carlton error in defence, and after 14 minutes of play, the Bombers led by 13 points.

[1] Conley and Hands each missed set shots for Carlton, before Davies kicked his fourth goal after a pass from Henfry to reduce the margin to six points.

[11] Other players singled out for praise for their efforts throughout the game were: Essendon rover Bill Hutchison, whom Hec de Lacy of the Sporting Globe considered the best on ground, for his excellent work around the ground and who never tired towards the end;[4] Carlton defender Jim Clark, who was the strongest of the Carlton defenders and consistently rebounded with great dash.

Several Carlton players were singled out for their brilliance during those final minutes, including Ern Henfry through the midfield, ruckman Jack Bennett who frequently intercepted and returned the Essendon rebounds, and several flashy efforts from forward Ken Hands.

[9] Hec de Lacy also considered that Dick Reynolds made a tactical error by taking himself to the backline to support his teammates during those final ten minutes, as it allowed his fresher direct opponent Ken Baxter – on the ground only since three-quarter time – to follow him and tip the scales further in Carlton's advantage; Baxter took many ruck contests during this period, and was ultimately the one who tapped the ball to Stafford for the winning goal.