The team finished 26–38–14 and were tied with their cross-state rival Philadelphia Flyers, who had an identical record, for the fourth and final playoff berth in the West Division.
The Penguins made the playoffs for the second time in team history, having won the season series 3–2–1 against the Flyers.
However, the Penguins were swept by the Chicago Black Hawks in four games in the first round.
†Denotes player spent time with another team before joining the Penguins.
The Penguins have been involved in the following transactions during the 1971–72 season:[8] cash Bill Hicke Bob Blackburn cash Dean Prentice cash Bill Hicke cash Bob Woytowich Al McDonough Rene Robert Eddie Shack Pittsburgh Penguins' picks at the 1971 NHL entry draft.