This was the second official season played since the end of the Second World War.
The club played in the Scottish League Division A and finished Runners up to Hibernian, with 46 points.
The club were knocked out the League Cup by Falkirk 1–0 at the Semi-Final stage.
The Scottish Cup campaign ended in success as the club beat Morton 1–0 in a replay in front of a crowd of 129,176 (a record for a midweek match).
Benfica were beaten 3–0 in a prestigious friendly match in Portugal.