The 1931 World Championship was the 5th World Championship, an annual international ice hockey tournament. It took place between 1 and 8 February 1931 in Krynica-Zdrój, Poland. The tournament was won by Canada who were represented by the University of Manitoba Grads team, claiming their fifth world championship title by finishing on top of the group in the final round with a total of nine points. The United States finished second to win the silver medal, losing only one game to Canada and Austria finished third for the bronze medal. The host nation of Poland finished fourth at the tournament after winning one game, tying one, and losing three in the final round.
The World Championship also acted simultaneously as the 15th European Championship. Austria who finished highest of the European teams in third were named the champions.
The six participating teams played a round-robin, with the top three teams winning gold, silver and bronze respectively. Canada's University of Manitoba Grads won the tournament with a total of nine points after winning four games and tying one. Sweden's 0 – 0 tie with Canada was the first time a European team did not lose to a team representing Canada in a World Championship match. Due to a tie between Czechoslovakia and Poland in points, fourth spot was given to Poland who had more total goals scored.
The four participating teams played a round-robin, with games played between February 4 to February 7. The winner Hungary won all three games, finishing with six points and earning sixth place in the overall standings.
The 1931 World Championship also acted simultaneously as the 15th European Championships. Austria were named champions after finishing as the highest ranked European team in the tournament in third. Second and third were awarded to Poland and Czechoslovakia respectively.