The knock out matches of the Ranji Trophy, 1967-68 saw a huge contest between the top teams of all the five zones and the teams played against each other for winning the championship trophy. There were a number of 5 top teams that played against each other in the Quarter-Final, Semi-Finals and Final match of the tournament, however, the ultimate result of the tournament was the same. The Bombay team won the trophy once again, this time sharing with the Madras team.

The Quarter-Final match of the Ranji Trophy, 1967-68 was played between the teams of Madras and Madhya Pradesh and the match was held at Madras from 19-22 January, 1968. The Madras team played extraordinarily in the match and clinched a victory with a huge margin of 279 runs, for entering into the Semi-Final stage of the tournament. The teams of Madras and Services clashed with each other in the first Semi-Final of the Ranji Trophy, 1967-68 and the match took place at Madras from 02-05 February, 1968. The Madras team played very well once again and beat the Services team with a good margin of 7 wickets and secured a birth in the Final of the tournament.

Then second Semi-Final match of the Ranji Trophy, 1967-68 involved the teams of Bengal and Bombay and the two teams played the match at Calcutta from 02-05 February, 1968. Though the match was drawn during the stipulated duration, the match officials decided to allow the Bombay team to enter into the Final and compete for the championship trophy against the Madras team. Thus, the teams of Madras and Bombay locked their horns together in the Final of the Ranji Trophy, 1967-68 at Bombay from 16-20 February, 1968. The match saw a very tough and intense competition between the two teams and as none of the teams gave their opponents even a single chance to get into an advantageous position, the match remained drawn after the stipulated duration. As a result, the tournament organisers decided to share the trophy with both the teams of Bombay and Madras and declared the teams as the joint winners of the tournament.