The holders, SK Rapid Wien, were unable to defend the cup as two other clubs from Vienna were Austria's representatives.
The final, between the two Vienna clubs, was played on 8 and 12 November 1931 in Zurich and Vienna. First Vienna won both matches, the scores being 3–2 in Zurich and 2–1 in Vienna, and became the second Austrian club to win this tournament following Rapid's success the previous year, and the only team to win the Mitropa Cup unbeaten. Heinrich Hiltl from Wiener Athletiksport Club was top scorer in the tournament with seven goals. Walter Hanke of Wiener AC scored a goal in each leg of the final, whilst Franz Erdl of First Vienna scored both his team's goals in the second leg.