| 1. Ronde | 22.11.1931 | Deportivo Alavés | - | Racing Santander | 1:2 |  |
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| 2. Ronde | 29.11.1931 | Racing Santander | - | Espanyol | 2:1 | ||||
| 3. Ronde | 20.12.1931 | Arenas de Getxo | - | Racing Santander | 3:1 | |
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| 4. Ronde | 27.12.1931 | Racing Santander | - | Real Unión | 2:2 | ||||
| 5. Ronde | 03.01.1932 | FC Barcelona | - | Racing Santander | 4:2 | ||||
| 6. Ronde | 10.01.1932 | Racing Santander | - | Valencia CF | 4:1 | |
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| 7. Ronde | 17.01.1932 | Donostia FC | - | Racing Santander | 1:5 | ||||
| 8. Ronde | 24.01.1932 | Racing Santander | - | Real Madrid | 0:0 | ||||
| 9. Ronde | 31.01.1932 | Athletic Club | - | Racing Santander | 3:2 | ||||
| 12. Ronde | 21.02.1932 | Racing Santander | - | Arenas de Getxo | 1:1 | ||||
| 13. Ronde | 28.02.1932 | Real Unión | - | Racing Santander | 2:2 | |
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| 14. Ronde | 06.03.1932 | Racing Santander | - | FC Barcelona | 3:2 | |
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| 15. Ronde | 13.03.1932 | Valencia CF | - | Racing Santander | 6:4 | |
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| 16. Ronde | 20.03.1932 | Racing Santander | - | Donostia FC | 2:1 | |
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| 17. Ronde | 27.03.1932 | Real Madrid | - | Racing Santander | 0:0 | ||||
| 18. Ronde | 03.04.1932 | Racing Santander | - | Athletic Club | 2:0 |
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