There were seven teams in the Canberra League in 1962, Acton, Ainslie, Eastlake, Manuka, Queanbeyan, RMC and Turner.
After the home and away games Ainslie finished in fourth position.
Ainslie defeated Acton in an upset win in the First Semi-Final.
- Final score: Ainslie 14.12-96 def Acton 10.14-74
- Goal kickers for Ainslie: Durkin 7, Cawson 2, Neeson 1, Browning 1, Robbie 1, Heales 1, Edwards 1
- Best: Durkin, Hawke, Browning, Gowans, Carnegie
Ainslie met Manuka in the Preliminary Final to win the right to play Eastlake in the Grand Final.
Ainslie defeated Manuka to advance to their fifth successive Grand Final with a 32 point win.
- Final score: Ainslie 12.17-89 def Manuka 8.9-57
- Goal kickers for Ainslie: Horey 3, Heales 2, Cawson 2, Durkin 2, Browning 1, Neeson 1, Edwards 1
- Best: Horey, Kershaw, Gowans, Carnegie, Ray
In the Grand Final was held at Narrabundah Oval Ainslie were defeated by Eastlake by 15 points in conditions described as the worst experienced for a Grand Final. The game was played in blinding rain and on a water-logged ground.
- Final score: Eastlake 4.9-33 def Ainslie 2.6-18
- Goal kickers for Ainslie: Heales 1, Durkin 1
- Best: Gowans, Carnegie, Edwards, Kershaw, Durkin, Reid
- Captain/Coach: Norm Neeson