It was also a season in which the Scottish national team recorded one of their most celebrated victories, beating greatest rivals and World Cup holders England 3–2 at Wembley in the British Home Championship.
Clydebank, who had been established as a separate senior club in 1965 following their ill-fated merger with East Stirlingshire, were elected to the Scottish League in 1966, and finished third from bottom in their inaugural season.
That result meant Celtic became clear favourites to lift the trophy, and they began with comfortable victories over Arbroath, Elgin City and Queen's Park.
Their achievement ended the stranglehold which Latin teams had hitherto exerted on the competition, as Celtic became not only the first Scottish champions of Europe, but indeed the first British and Northern European ones also.
Earlier in May there had been the possibility of Scottish involvement in the final of all three European tournaments, but Kilmarnock lost out to Leeds United in their Fairs Cup semi-final meeting.
Of Scotland's five representatives, only Dunfermline failed to make any great impact, losing to eventual winners Dinamo Zagreb in the Fairs Cup second round.
Following a draw in Cardiff and victory at home to Northern Ireland, Scotland travelled to Wembley needing to beat England, who had won both their matches, to take the title.
This was secured with a 3–2 win which has become legendary in Scottish football, not only because it was England's first defeat since becoming world champions the previous year, but due to Scotland's assured performance and the skillful arrogance of Jim Baxter, who at various times juggled the ball by himself.