The 1948–49 season was Port Vale's 37th season of football in the Football League, and their fourth full season in the Third Division South. A promotion campaign soon tailed off into an unremarkable mid-table finish, as bad form persuaded the club to sell off Bill Pointon for a then-club record fee.

The pre-season saw the club attempt to sign Huddersfield Town's star forward Peter Doherty, when this failed Gordon Hodgson instead signed Liverpool left-wing duo Stan Palk and Mick Hulligan for £10,000. Striker Walter Aveyard was also signed from Birmingham City, despite his belief that a leg injury had finished him. Fans were convinced promotion to the Second Division was possible, and so there was a surge in season ticket sales.

The season started with seven points from the opening four games, leaving the club top of the table. The season-high 18,497 fans that turned up for a 3–0 win over Aldershot were impressed by the skill of the three new signings. The club's good form continued to the end of September, despite the sale of Walter Keeley to Accrington Stanley for £1,500 – who had found himself relegated to the sidelines by Hulligan's good performances. After this Hulligan broke his ankle, whilst other injuries also hit the squad. Six weeks of six defeats in seven games followed, leaving Vale sixth from bottom. During this spell Joe Dale was offloaded to Witton Albion, as Hodgson attempted to fill the gaps in the first team with young reserves. Winning three games on the trot, the Vale put an end to this bad spell, also keeping three clean sheets.

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