After a poor start to the campaign in which they picked up only one point from their first five matches, Southampton began to improve in form and move up from the Second Division relegation zone.

The club picked up several wins over higher-placed opponents challenging for the division's two promotion places, allowing them to finish mid-table.

Southampton also played three friendly matches during the season, losing to Arsenal in October, Portsmouth in December, and drawing at Northampton Town in May.

[2] Centre-forward John Horton, who had managed just one appearance in his first season with the Saints before breaking his leg, was forced to retire from professional football.

First was Scottish half-back Alex Christie, who joined from Walsall primarily as cover at right-half behind the ever-present Bert Shelley.

[1] The club also signed former goalkeeper Herbert Lock from Queens Park Rangers and Harry Yeomans from Camberley & Yorktown, having been without a backup for Tommy Allen the entire last season.

Getgood had continued to commute to the South Coast from Birmingham instead of moving, and so decided to transfer to a club closer to home when he joined Wolverhampton Wanderers.

[14] Despite being briefly dropped in favour of Henry Johnson early in the season, Bill Rawlings scored many important goals in later months alongside Arthur Dominy to ensure that the Saints remained competitive.

[10] By the new year they had cemented their position in the middle of the table, beating teams in the same vicinity such as Hull City and Fulham in late December to move back up to 11th.

[10] Another brief unbeaten run against lower-placed teams in March and April was followed by wins over strugglers Clapton Orient and Stockport County, which ensured that the side survived their first season in the Second Division with relative ease.

According to club historians, "Few people gave Southampton a chance at St James' Park" in the 13 January 1923 game, but the team "fought the muddy battle well" to hold the top-flight side to a goalless draw; goalkeeper Tommy Allen was credited for his performance in particular.

[13] In the replay at home four days later, the Saints played "some of the best football ever seen at The Dell" to win 3–1 (despite conceding in the opening minute), with goals coming from Arthur Dominy (two) and Bill Rawlings.

[16] Vic Watson scored for the visitors early on, but a "clever header" from Jack Elkes secured a 1–1 draw and forced at replay at Upton Park ten days later.

[17] The second friendly of the season was another benefit game – this time for long-serving manager Jimmy McIntyre – at home to local rivals Portsmouth in December.

Played at Fratton Park, the game ended in a 2–1 win to the Second Division side, with the visitors' goals coming in the first half courtesy of Henry Johnson and Bill Rawlings.