The 1948–49 SM-sarja season was the 18th season of the SM-sarja, the top level of ice hockey in Finland. Eight teams participated in the league, and Tarmo Hameenlinna won the championship.
| Club | Sp | W | T | L | GF–GA | Pts | ||
|---|---|---|---|---|---|---|---|---|
| 1. | 7 | 7 | 0 | 0 | 80:15 | 14 | ||
| 2. | 7 | 6 | 0 | 1 | 87:16 | 12 | ||
| 3. | 7 | 5 | 0 | 2 | 42:40 | 10 | ||
| 4. | 7 | 4 | 0 | 3 | 65:41 | 8 | ||
| 5. | 7 | 3 | 0 | 4 | 33:65 | 6 | ||
| 6. | 7 | 2 | 0 | 5 | 34:81 | 4 | ||
| 7. | 7 | 0 | 1 | 6 | 27:61 | 1 | ||
| 8. | 7 | 0 | 1 | 6 | 26:75 | 1 |