The season featured twelve clubs and ran from 27 April to 28 September, comprising an 18-match home-and-away season followed by a four-week finals series featuring the top four clubs.
Collingwood also won the minor premiership by finishing atop the home-and-away ladder with an 18–0 win–loss record, the only time in the league's history that a team has gone through a home-and-away season undefeated, however its loss to Richmond in the semi-finals prevented the club from achieving a perfect season.
Collingwood's Albert Collier won the Brownlow Medal as the league's best and fairest player, and teammate Gordon Coventry won his fourth consecutive leading goalkicker medal as the league's leading goalkicker, becoming the first player to kick over 100 goals in a season.
In 1929, the VFL competition consisted of twelve teams of 18 on-the-field players each, with no "reserves", although any of the 18 players who had left the playing field for any reason could later resume their place on the field at any time during the match.
Once the 18 round home-and-away season had finished, the 1929 VFL Premiers were determined by the specific format and conventions of the amended "Argus system".