The 1932 Allan Cup was won by the Toronto National Sea Fleas. This team went on to represent Canada at the 1933 World Ice Hockey Championships held in Prague, Czechoslovakia where the team lost the final game to the United States in overtime to capture the silver medal for Canada.
The 1932 team which won the Allan Cup was coached by Harry Watson, who as a player had won an Olympic gold medal with a 1924 Toronto Granites. Watson stepped down as head coach prior to the 1933 World Championships, to be replaced by Harold Ballard for the 1933 world championship tournament.
Best of three series held in Montreal.