A replay was staged on 9 October 1948, attended by 52,226 spectators, in which Melbourne easily defeated Essendon by 39 points, marking that club's sixth VFL premiership.

After he had spent most of the season as playing coach of the reserves team, 33-year-old forward Jack Mueller was recalled for the preliminary final against Collingwood and kicked eight goals.

[2] Shortly before the match began, Melbourne lost Bob McKenzie to injury; emergency Doug Heywood – also now a University Blacks amateur player whose first VFL game for the season had been the preliminary final – came into the team to replace him.

[3] Essendon continued to attack but were repeatedly repelled, with late selection Denis Cordner playing a strong marking game at centre half-back for Melbourne.

[3] Essendon put substantial defensive focus into countering Mueller's effectiveness, with usual ruck-rover Perc Bushby serving as his main defender, and Melbourne had adopted a strategy of handball and wide play along the wings and flanks.

[4] Essendon scored the first behind of the second quarter, before Melbourne rebounded and launched a sustained period of attack, in large part from a purple patch by centreman George Bickford.

Essendon began strongly with two behinds, before Mueller kicked Melbourne's opening goal of the final quarter to narrow the margin to nine points.

With scores level, it was Melbourne who finished the game in attack and missed two opportunities to break the tie: Norm Smith marked and took a 45m running shot in the final minute which went out of bounds; and from the ensuing throw-in, he gained clean possession then fumbled due to interference from team-mate Don Cordner.

[3] Reflecting on the game in his column for The Argus, Reynolds heralded Melbourne ruckman Don Cordner as the best on ground, his ruckwork and defensive work proving to be Essendon's biggest challenge on the day.

[6] Other players considered among the best for Melbourne were rover Alby Rodda and amateur centre half-back Denis Cordner – although the latter tired as the game went on.

Bob McClure was Essendon's top key position player, and half-forward Ted Leehane became prominent once he broke away from Denis Cordner in the second half.

Essendon made three published changes: Wally May, Les Gardiner and Harry Equid all came into the starting 18 for Bob Syme (who was dropped to reserve), Doug Bigelow (omitted from the 20) and Harold Lambert (injured).

[10] On the morning of the match, Essendon lost Wally Buttsworth after a training incident caused a recurrence of the knee injury which had kept him out of the semi-final; and Bob Syme returned to the starting 18 to replace him, and emergency Ron McEwin stripped as reserve.

[11] As in the first grand final, Dick Reynolds went to the ruck to try to turn the game, but Melbourne continued to attack and Lance Arnold scored their fifth goal from a snap shot out the back of a pack.

[13] A defensive, rough, wet-weather opening to the final quarter yielded little in the way of scoring, allowing Melbourne to comfortably defend its five goal lead.

[11] Other players highlighted for their efforts were Melbourne full-forward Jack Mueller and centre half-forward Lance Arnold, centreman George Bickford and wingman Max Spittle.