| 1. Round | 27/11/1932 | CD Alavés | - | Racing Santander | 8:2 | ||||
| 2. Round | 04/12/1932 | Racing Santander | - | Athletic Club | 0:1 | ||||
| 3. Round | 11/12/1932 | Espanyol Barcelona | - | Racing Santander | 2:1 |  |
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| 4. Round | 18/12/1932 | Racing Santander | - | Valencia CF | 2:0 | ||||
| 5. Round | 25/12/1932 | Arenas de Getxo | - | Racing Santander | 2:1 | |
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| 6. Round | 01/01/1933 | Racing Santander | - | Real Betis | 2:2 | ||||
| 7. Round | 08/01/1933 | Real Madrid | - | Racing Santander | 4:1 | ||||
| 8. Round | 17/01/1933 | Racing Santander | - | Donostia FC | 7:1 | |
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| 9. Round | 22/01/1933 | FC Barcelona | - | Racing Santander | 4:0 | ||||
| 10. Round | 29/01/1933 | Racing Santander | - | CD Alavés | 9:0 | |
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| 11. Round | 05/02/1933 | Athletic Club | - | Racing Santander | 9:5 | |
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| 14. Round | 26/02/1933 | Racing Santander | - | Arenas de Getxo | 2:1 | ||||
| 15. Round | 05/03/1933 | Real Betis | - | Racing Santander | 3:2 | ||||
| 16. Round | 12/03/1933 | Racing Santander | - | Real Madrid | 4:2 | ||||
| 17. Round | 19/03/1933 | Donostia FC | - | Racing Santander | 8:0 | ||||
| 18. Round | 26/03/1933 | Racing Santander | - | FC Barcelona | 4:4 | |
Spain