In the 1970–71 season Panathinaikos played for 12th consecutive time in Greece's top division, the Alpha Ethniki.

They also competed in the European Cup, being the finalists, and the Greek Cup Note: Flags indicate national team as defined under FIFA eligibility rules; some limited exceptions apply.

Players may hold more than one non-FIFA nationality.

First round Second round Quarter-finals Semi-finals Report UEFA Panathinaikos played also for the Intercontinental Cup against Club Nacional de Football due to refusal of Ajax to participate.

First leg