Rangers played a total of 44 competitive matches during the 1948–49 season. The side won the league with a one-point lead over second placed Dundee, after winning 20 of the 30 matches.

In the cup competitions Rangers were very successful. The Scottish Cup was won thanks to a 4–1 win over Clyde with goals from Billy Williamson, Jimmy Duncanson and a brace from George Young. The club won the League Cup with a 2–0 win over Raith Rovers.

All results are written with Rangers' score first.

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