In the regular season, the Rangers finished third in the American Division with a 23–17–8 record.
New York qualified for the Stanley Cup playoffs, where the Rangers defeated the Montreal Canadiens 8–5 in the quarter-finals and the Detroit Red Wings 6–3 in the semi-finals to reach the Stanley Cup Finals for the fourth time in franchise history.
[1] Note: GP = Games Played, W = Wins, L = Losses, T = Ties, Pts = Points, GF = Goals For, GA = Goals Against Teams that qualified for the playoffs are highlighted in bold.
The Rangers, led by brothers Bill and Bun Cook on the right and left wings, respectively, and Frank Boucher at center, would defeat the Toronto Maple Leafs in the 1932–33 best-of-five finals, three games to one, to win their second Stanley Cup, exacting revenge on the Leafs' "Kid line" of Busher Jackson, Joe Primeau, and Charlie Conacher.
After game one, the Rangers would vacate Madison Square Garden for the circus.