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Date: 31 January 1948
| Rank | Name | Nation | Time |
| 1 | Martin Lundström | SWE | 1:13:50 |
| 2 | Nils Östensson | SWE | 1:14:22 |
| 3 | Gunnar Eriksson | SWE | 1:16:06 |
| 4 | Heikki Hasu | FIN | 1:16:43 |
| 5 | Nils Karlsson | SWE | 1:16:54 |
| 6 | Sauli Rytky | FIN | 1:18:10 |
| 7 | August Kiuru | FIN | 1:18:25 |
| 8 | Teuvo Laukkanen | FIN | 1:18:51 |
| 9 | Olav Hagen | NOR | 1:19:05 |
| 10 | Martti Huhtala | FIN | 1:19:28 |
| 11 | Benoît Carrara | FRA | 1:20:03 |
| 12 | Eero Rautiola | FIN | 1:20:18 |
| 13 | Olav Økern | NOR | 1:20:37 |
| 14 | Olav Odden | NOR | 1:21:35 |
| 15 | Erling Evensen | NOR | 1:21:40 |
| 16 | Sven Israelsson | SWE | 1:21:44 |
| 17 | Reidar Nyborg | NOR | 1:21:47 |
| 18 | Olaf Dufseth | NOR | 1:21:50 |
| 19 | Erik Elmsäter | SWE | 1:22:12 |
| 20 | Edy Schild | SUI | 1:22:15 |
| 20 | Niklaus Stump | SUI | 1:22:15 |
| 22 | Severino Compagnoni | ITA | 1:22:21 |
| 23 | Olavi Sihvonen | FIN | 1:22:26 |
| 24 | Pauli Salonen | FIN | 1:22:28 |
| 25 | Max Müller | SUI | 1:22:40 |
| 26 | Robert Zurbriggen | SUI | 1:22:51 |
| 27 | Eilert Dahl | NOR | 1:22:52 |
| 28 | Karl Rafreider | AUT | 1:23:19 |
| 29 | Alfredo Prucker | ITA | 1:23:26 |
| 30 | Theo Allenbach | SUI | 1:23:54 |
| 31 | Rizzieri Rodeghiero | ITA | 1:24:12 |
| 32 | Kaare Østerdahl | NOR | 1:24:20 |
| 33 | Clas Haraldsson | SWE | 1:24:21 |
| 34 | Alfons Supersaxo | SUI | 1:24:29 |
| 35 | Christiano Rodeghiero | ITA | 1:24:34 |
| 36 | Josl Gstrein | AUT | 1:25:04 |
| 37 | Marius Mora | FRA | 1:25:06 |
| 38 | Stefan Dziedzic | POL | 1:25:33 |
| 39 | Engelbert Hundertpfund | AUT | 1:25:41 |
| 40 | Jaroslav Cardal | TCH | 1:25:44 |
| 41 | Karl Bricker | SUI | 1:25:47 |
| 42 | René Jeandel | FRA | 1:25:57 |
| 43 | Gottlieb Perren | SUI | 1:26:27 |
| 44 | André Buffard | FRA | 1:27:18 |
| 45 | Matthius Noichl | AUT | 1:27:34 |
| 46 | Josef Deutschmann | AUT | 1:27:43 |
| 47 | Tadeusz Kwapień | POL | 1:27:55 |
| 48 | Paul Bouveret | FRA | 1:28:07 |
| 49 | András Harangvölgyi | HUN | 1:28:10 |
| 50 | Alberto Tassotti | ITA | 1:28:16 |
| 51 | Tone Razinger | YUG | 1:28:24 |
| 52 | Arcangelo Chiocchetti | ITA | 1:28:36 |
| 53 | Matevž Kordež | YUG | 1:28:37 |
| 54 | Vincenzo Perruchon | ITA | 1:28:50 |
| 55 | Jože Knific | YUG | 1:29:01 |
| 56 | Anton Pogačnik | YUG | 1:29:08 |
| 57 | Imre Beták | HUN | 1:29:24 |
| 58 | Vit Fousek | TCH | 1:29:37 |
| 58 | Bohumil Kosour | TCH | 1:29:37 |
| 60 | Jaroslav Zajiček | TCH | 1:29:44 |
| 61 | Paul Haslwanter | AUT | 1:31:00 |
| 62 | Józef Daniel Krzeptowski | POL | 1:31:05 |
| 63 | Štefan Kovalčík | TCH | 1:31:06 |
| 64 | Karl Martitsch | AUT | 1:31:19 |
| 65 | Wendell Broomhall | USA | 1:31:40 |
| 66 | Don Johnson | USA | 1:32:03 |
| 67 | Jaroslav Kadavý | TCH | 1:32:17 |
| 68 | Hubert Hammerschmied | AUT | 1:32:47 |
| 69 | Alojz Klančnik | YUG | 1:33:02 |
| 70 | Stanisław Bukowski | POL | 1:34:17 |
| 71 | Walter Jeandel | FRA | 1:34:19 |
| 72 | František Šimůnek | TCH | 1:35:21 |
| 73 | Tom Dennie | CAN | 1:35:41 |
| 74 | Ralph Townsend | USA | 1:37:12 |
| 75 | Corey Engen | USA | 1:37:24 |
| 76 | Leopold Tajner | POL | 1:38:45 |
| 77 | Gordy Wren | USA | 1:40:12 |
| 78 | Jaroslav Lukeš | TCH | 1:41:00 |
| 79 | Christof Frommelt | LIE | 1:42:35 |
| 80 | Nikola Delev | BUL | 1:43:29 |
| 81 | Bill Irwin | CAN | 1:44:43 |
| 82 | Egon Matt | LIE | 1:48:41 |
| 83 | Erwin Jehle | LIE | 1:49:26 |
| Did not finish | |||
| Georgi Doykov | BUL | ||