The 1948–49 Illinois Fighting Illini men's basketball team represented the University of Illinois.

The 1948-49 squad, led by Dike Eddleman, Bill Erickson, and Walter Osterkorn, was Illinois’ first 20-game winner since 1908, finishing 21-4.

Illinois beat Yale, 71-67, to advance to a national semifinal showdown with Kentucky at Madison Square Garden in New York City.

The Illini fell to the Wildcats, 76-47, forcing Illinois to defeat Oregon State, 57-53, in Seattle for third place.

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