The Third National Hockey LeagueAll-Star Game took place at Maple Leaf Gardens, home of the Toronto Maple Leafs, on October 10, 1949. For the third year in a row, the game saw the Maple Leafs play a team of NHL All-Stars. The All-Stars won the game by a score of 3–1, the same as the previous game, with the winning goal again being scored by a member of the Boston Bruins, Paul Ronty.
The jerseys were the same as the previous two years except a small "1949" was added to the NHL shield.