The knock out level of the Ranji Trophy, 1958-59 saw a number of ten teams competing against each other and trying to win the trophy. The most important teams of the level included the likes of Madras, Bombay, Services, Rajasthan and Bengal.

In one of the Quarter-Finals of the tournament, the Madras and Bombay teams clashed with each other at Madras from 21-23 February, 1959. The Bombay team thrashed the Madras team by 10 wickets in the match to reach the Semi-Final stage of the tournament. The first Semi-Final match of the tournament was played between the teams of Bengal and Rajasthan at Calcutta from 14-17 February, 1959. The match saw the Bengal team winning by 9 wickets for entering into the Final of the tournament.

The Bombay team played the second Semi-Final match of the Ranji Trophy, 1958-59 against the Services team at Bombay from 27 February-02 March, 1959. The Bombay team played wonderfully in this match also and crushed the Services team by 10 wickets for entering into the Final. The teams of Bombay and Bengal locked their horns together in the Final match of the tournament at Bombay from 07-11 March, 1959. The Bombay team dominated the Bengal team throughout the match and eventually clinched a huge victory of 420 runs for winning the championship. The tournament was the starting point of the Bombay team's incredible run of winning 15 consecutive Ranji Trophy titles.