The 1932-33 Segunda División season saw 10 teams participate in the second flight Spanish league. Real Oviedo was promoted to Primera División. Castellón was relegated to Tercera División.
| Key to colors in league table: |
| Promoted to Primera División |
| Relegated to Tercera División |
| Position | Club | Played | Points | Wins | Draws | Losses | Goals for | Goals against | Goal Difference |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Oviedo FC | 18 | 27 | 12 | 3 | 3 | 58 | 26 | +32 |
| 2 | Athletic Club Madrid | 18 | 24 | 10 | 4 | 4 | 40 | 35 | +5 |
| 3 | Murcia FC | 18 | 20 | 9 | 2 | 7 | 33 | 41 | -8 |
| 4 | Unión Club de Irún | 18 | 20 | 9 | 2 | 7 | 51 | 36 | +15 |
| 5 | Deportivo de La Coruña | 18 | 20 | 8 | 4 | 6 | 38 | 38 | 0 |
| 6 | Sporting de Gijón | 18 | 18 | 8 | 2 | 8 | 49 | 40 | +9 |
| 7 | Club Celta | 18 | 17 | 8 | 1 | 9 | 36 | 38 | -2 |
| 8 | CA Osasuna | 18 | 17 | 7 | 3 | 8 | 45 | 47 | -2 |
| 9 | Sevilla FC | 18 | 13 | 5 | 3 | 10 | 29 | 38 | -9 |
| 10 | CD Castellón 1 | 18 | 4 | 2 | 0 | 16 | 14 | 54 | -40 |
1 Castellón's field was closed, and the club didn't wanted to play 4 last games in other. So the 2 winning points were given to the rivals (Deportivo, Sporting, Celta and Osasuna).
|
|||||||||||||||||||||||||||||
|
|