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Date: 5 February 1948
| Rank | Name | Nation | 1st run | 2nd run | Total |
| 1 | Gretchen Fraser | USA | 59.7 | 57.5 | 1:57.2 |
| 2 | Antoinette Meyer | SUI | 1:00.7 | 57.0 | 1:57.7 |
| 3 | Erika Mahringer | AUT | 59.8 | 58.2 | 1:58.0 |
| 4 | Georgette Miller-Thiollière | FRA | 1:00.8 | 58.0 | 1:58.8 |
| 5 | Renée Clerc | SUI | 1:03.8 | 1:02.0 | 2:05.8 |
| 6 | Anneliese Schuh-Proxauf | AUT | 1:06.9 | 59.8 | 2:06.7 |
| 7 | Resi Hammerer | AUT | 1:04.4 | 1:04.2 | 2:08.6 |
| 8 | Andrea Mead | USA | 1:05.1 | 1:03.7 | 2:08.8 |
| 9 | Brynhild Grasmoen | USA | 1:05.6 | 1:04.0 | 2:09.6 |
| 10 | May Nilsson | SWE | 1:12.2 | 57.5 | 2:09.7 |
| 11 | Paula Kann | USA | 1:07.8 | 1:02.0 | 2:09.8 |
| 12 | Françoise Gignoux | FRA | 1:05.0 | 1:05.3 | 2:10.3 |
| 13 | Rosemarie Bleuer | SUI | 1:06.2 | 1:04.4 | 2:10.6 |
| 14 | Laila Schou Nilsen | NOR | 1:06.8 | 1:04.7 | 2:11.5 |
| 14 | Celina Seghi | ITA | 1:13.2 | 58.3 | 2:11.5 |
| 16 | Alexandra Nekvapilová | TCH | 1:03.2 | 1:08.8 | 2:12.0 |
| 17 | Olivia Ausoni | SUI | 1:18.7 | 59.9 | 2:18.6 |
| 18 | Renata Carraretto | ITA | 1:09.2 | 1:10.7 | 2:19.9 |
| 19 | Božena Moserová | TCH | 1:12.5 | 1:07.6 | 2:20.1 |
| 20 | Lucienne Schmidt-Couttet | FRA | 1:00.1 | 1:15.5 | 2:20.6 |
| 21 | Sheena Mackintosh | GBR | 1:10.5 | 1:15.4 | 2:30.9 |
| 22 | Anikó Iglói | HUN | 1:30.2 | 1:18.0 | 2:48.9 |
| 23 | Isobel Roe | GBR | 1:24.5 | 1:25.1 | 2:49.6 |
| 24 | Bridget Duke-Wooley | GBR | 1:34.7 | 1:19.0 | 2:53.7 |
| Did not finish 2nd run | |||||
| Suzanne Thiollière | FRA | 1:01.1 | |||
| Did not finish 1st run | |||||
| Barbara Greenland | GBR | ||||
| Disqualified - 1st run | |||||
| Borghild Niskin | NOR | ||||
| Annelore Zueckert | AUT | ||||