It was held between March 15 and 17, 1962, and concluded with Michigan Tech defeating Clarkson 7–1.
Four teams qualified for the tournament, two each from the eastern and western regions.
Two at-large bids were offered to one eastern and one western team based upon both their tournament finish as well as their regular season record.
[1] The higher-ranked ECAC team was seeded as the top eastern team while the WCHA champion was given the top western seed.
All matches were Single-game eliminations with the semifinal winners advancing to the national championship game and the losers playing in a consolation game.