| First Round | ||||
| Eastern Bracket | ||||
| 1/10/32 | New York Giants | 7 : 2 | New York Americans | |
| 1/10/32 | Hakoah All Stars | 5 : 0 | Yonkers Thistle | |
| 1/10/32 | German Hungarian FC (NYC) | 6 : 1 | Buffalo Germans | |
| 1/18/32 | Newark Americans | 4 : 1 | Newark Portuguese | |
| 1/18/32 | New Bedford Whalers | 5 : 1 | Boston Bears | |
| 1/10/32 | Pawtucket Rangers | 2 : 1(aet) | Victoria Mills | |
| 1/10/32 | Canton FC (Bal.) | 2 : 2 | Bethlehem Steel (Bal.) | |
| 1/17/32 | Bethlehem Steel (Bal.) | 3 : 1 | Canton FC (Bal.) | |
| 1/12/32 | Trenton Highlanders | 4 : 0 | Fairhill FC (Phi.) | |
| Western Bracket | ||||
| 12/27/31 | Bricklayers FC (Chi.) | 4 : 3 | Nowegian American SC (St. L) | |
| 1/1/32 | Kavanaugh (St. L) | 8 : 3 | Andersons (St. L) | |
| 1/3/32 | Rosenblum Slavia (Cle.) | 3 : 2 | Morgan FC (Pit.) | |
| 1/3/32 | Sparta A & BA (Chi.) | 3 : 0 | Deutscher Sport Club (Mil.) | |
| 1/3/32 | Workers FC (Det.) | 4 : 3 | Detroit Ramblers | |
| 1/3/32 | Stix, Baer & Fuller (St. L) | 3 : 1 | Ben Miller SC (St. L) | |
| 1/10/32 | Shamrocks SC (Cle.) | 2 : 0 | Bruell Hungarians (Cle.) | |
| Swedish American SC (Chi.) | W : L | Carpenters (Chi.) | ||
| Second Round | ||||
| Eastern Bracket | ||||
| 1/24/32 | New York Giants | 4 : 2 | Bethlehem Steel | |
| 1/24/32 | Hakoah All Stars | 4 : 1 | German Hungarian FC | |
| 1/24/32 | Newark Americans | 2 : 0 | Trenton Highlanders | |
| 1/23/32 | New Bedford Whalers | 0 : 1 | Pawtucket Rangers | |
| Western Bracket | ||||
| 1/24/32 | Stix, Baer & Fuller | 2 : 1 | Kavanaugh | |
| 2/14/32 | Workers FC | 2 : 1 | Bricklayers FC | |
| 2/14/32 | Rosenblum Slavia | 7 : 0 | Shamrocks SC | |
| 2/14/32 | Sparta A & BA | 2 : 1 | Swedish American SC | |
| Quarterfinals | ||||
| 2/14/32 | Hakoah All Stars | 0 : 1 | New Bedford Whalers | |
| 2/7/32 | New York Giants | 6 : 1 | Newark Americans | |
| 2/28/32 | Bricklayers FC | 1 : 0 | Rosenblum Slavia | |
| 2/28/32 | Stix, Baer & Fuller | 1 : 0 | Sparta A & BA | |
| Semifinals | ||||
| 2/21/32 | New York Giants | 2 : 5 | New Bedford Whalers | |
| 3/6/32 | 1L | Stix, Baer & Fuller | 3 : 2 | Bricklayers FC |
| 3/14/32 | 2L | Bricklayers FC | 2 : 0 | Stix, Baer & Fuller |
| 3/19/32 | 3L | Stix, Baer & Fuller | 1 : 0 | Bricklayers FC |
| Aggregate drawn 4-4, Stix, Baer & Fuller advance by winning two games to one | ||||
| Final | ||||
| First Leg – at Sportsman’s Park – St. Louis, Missouri | ||||
| 3/26/32 | Stix, Baer & Fuller | 3 : 3 | New Bedford Whalers | |
| Second Leg – at Sportsman’s Park – St. Louis, Missouri | ||||
| 4/2/32 | Stix, Baer & Fuller | 2 : 5 | New Bedford Whalers | |
| New Bedford Whalers win National Challenge Cup on 8-5 aggregate | ||||
| KEY – w/o – Walkover, R – Replay, 1L – 1st Leg, 2L – 2nd Leg, 3L – 3rd Leg | ||||