After completing their campaign in the zonal system, the top two teams from each and every Zone competed with each other in the knock out level of the Ranji Trophy, 1961-62. The teams like Madras, Delhi, Bombay, Bengal and Rajasthan were the teams that competed in the knock out matches in the tournament. However, it was once again the Bombay team that became the eventual champion of the championship.

The Quarter-Final match of the Ranji Trophy, 1961-62 saw the teams of Madras and Delhi competing with each other at Madras from 26-29 January, 1962. The Delhi team played very well in the match and won it comprehensively by a margin of 136 runs, to proceed to the Semi-Final. The first Semi-Final match of the tournament was played between the teams of Bengal and Rajasthan at Udaipur from 16-19 February, 1962. The match saw a wonderful performance from the Rajasthan team that clinched a 5 wickets victory in the match.

The teams of Delhi and Bombay then clashed with each other in the second Semi-Final match of the Ranji Trophy, 1961-62 at Delhi from 17-20 February, 1962. Though the match was drawn during its stipulated duration, the match officials decided to allow the Bombay to compete into the Final of the tournament. The Final of the Ranji Trophy, 1961-62 saw a huge clash between the teams of Bombay and Rajasthan and the match was held at Bombay from 20-22 March, 1962. The Bombay team dominated the Rajasthan team throughout the match and won the Final with a huge margin of an innings and 287 runs. This was the fourth consecutive title win for the Bombay team in the history of Ranji Trophy.