| RCD Mallorca beat Barakaldo 3-2 (H) on 2 Nov 1947 |
| Barakaldo beat Mestalla 3-2 (H) on 21 Sep 1947 |
| Mestalla beat Málacitano 3-2 (H) on 12 Oct 1947 |
| Málacitano beat Real Murcia 3-2 (H) on 26 Oct 1947 |
| Real Murcia beat Hércules 2-1 (H) on 12 Oct 1947 |
| Hércules beat Castellón 5-2 (H) on 26 Oct 1947 |
| Castellón beat RCD Córdoba 2-1 (H) on 12 Oct 1947 |
| RCD Córdoba beat Badalona 5-0 (H) on 21 Sep 1947 |
| Badalona beat Racing Ferrol 4-0 (H) on 12 Oct 1947 |
| Racing Ferrol beat Granada 3-1 (H) on 26 Oct 1947 |
| Granada beat Real Valladolid 1-0 (H) on 5 Oct 1947 |
| Real Valladolid beat Levante 3-1 (H) on 12 Oct 1947 |
| Levante beat Deportivo La Coruña 3-0 (H) on 5 Oct 1947 |
| Deportivo La Coruña beat RCD Mallorca 3-1 (A) on 21 Sep 1947 |
HWC: Thick arrows show the earliest chain of wins that passes through every team and returns to its start.