The 1949 Titleholders Championship was contested from March 17–20 at Augusta Country Club. It was the 10th edition of the Titleholders Championship.
This event was won by Peggy Kirk.
| Place | Player | Score | To par | ||
|---|---|---|---|---|---|
| 1 |  Peggy Kirk (a) | 76-75-76-72=299 | −1 | ||
| align=center rowspan=2 | T2 | Patty Berg | 77-77-75-72=301 | align=center rowspan=2 | +1 |
| Dorothy Kirby (a) | 76-75-74-76=301 | ||||
| 4 | Babe Zaharias | 73-81-77-73=304 | +4 | ||
| 5 | Dot Kielty (a) | 73-79-77-77=306 | +6 | ||
| 6 | Louise Suggs | 80-72-78-78=308 | +8 | ||
| 7 | Estelle Lawson Page (a) | 79-77-79-76=311 | +11 | ||
| 8 | Marjorie Lindsay (a) | 74-81-78-80=313 | +13 | ||
| align=center rowspan=2 | T9 | Betty Bush (a) | 87-77-75-80=319 | align=center rowspan=2 | +19 |
| Helen Sigel (a) | 77-86-74-82=319 |