The 1931-1932 SM-sarja season was again played as a cup. There was 6 Teams from 3 Cities.
First round[]
| Away | Score | Home | Score |
|---|---|---|---|
| Ilves | 1 | TaPa | 2 |
| Away | Score | Home | Score |
|---|---|---|---|
| HSK | 0 | HPS | 4 |
TaPa and HPS through to Semifinals
Semifinals[]
| Away | Score | Home | Score |
|---|---|---|---|
| HPS | 6 | TaPa | 1 |
| Away | Score | Home | Score | Notes |
|---|---|---|---|---|
| Viipurin Reipas | 0 | HJK | 1 | by forfeit |
HPS and HJK through to Final
Final[]
| Away | Score | Home | Score |
|---|---|---|---|
| HPS | 0 | HJK | 4 |
Helsingin Jalkapalloklubi wins the 1931-1932 Finnish ice hockey championship.
| Preceded by 1930-31 SM-sarja season |
SM-sarja season 1931-32 |
Succeeded by 1932-33 SM-sarja season |