The 1932–33 season was Mansfield Town's second season in the Football League and first in the Third Division North after being transferred from the Third Division South.

The Stags finished the campaign in 16th position with 35 points.

[1] During the season Mansfield recorded their record victory, a 9–2 win against Rotherham United on 27 December 1932 and their record defeat, an 8–1 loss to Walsall.