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Date: 6 February 1948
| Rank | Name | Nation | Time |
| 1 | Nils Karlsson | SWE | 3:47:48 |
| 2 | Harald Eriksson | SWE | 3:52:20 |
| 3 | Benjam Vanninen | FIN | 3:57:28 |
| 4 | Pekka Vanninen | FIN | 3:57:58 |
| 5 | Anders Törnqvist | SWE | 3:58:20 |
| 6 | Edy Schild | SUI | 4:05:37 |
| 7 | Pekka Kuvaja | FIN | 4:10:02 |
| 8 | Jaroslav Cardal | TCH | 4:14:34 |
| 9 | Kristian Bjørn | NOR | 4:15:21 |
| 10 | Martin Jære | NOR | 4:17:11 |
| 11 | František Balvin | TCH | 4:17:51 |
| 12 | Josl Gstrein | AUT | 4:21:13 |
| 13 | Christiano Rodeghiero | ITA | 4:24:12 |
| 14 | Jože Knific | YUG | 4:26:00 |
| 15 | Franc Smolej | YUG | 4:26:12 |
| 16 | Matevž Kordež | YUG | 4:27:25 |
| 17 | Max Müller | SUI | 4:30:51 |
| 18 | Silvio Confortola | ITA | 4:31:36 |
| 19 | Louis Bourban | SUI | 4:33:50 |
| 20 | Jaroslav Zajiček | TCH | 4:44:35 |
| Did not finish | |||
| Vit Fousek | TCH | ||
| Victor Borghi | ITA | ||
| Thorleif Vangen | NOR | ||
| Stefano Sommariva | ITA | ||
| Arthur Herrdin | SWE | ||
| Leif Haugen | NOR | ||
| Tom Dennie | CAN | ||
| Martti Sipila | FIN | ||