During the 1972–73 Scottish football season, Celtic competed in Scottish Division One.
Celtic were league champions for the 8th time in a row, a record at the time, by just one point, achieving their 28th Scottish league and 58th major honour.
This was the only season in their nine-in-a-row run in which Celtic failed to achieve any other major domestic honour; in the other eight seasons they would achieve either the Scottish Cup, the Scottish League Cup, or both.
They lost the Scottish Cup Final 2-3 to Rangers and the League Cup final 1-2 to Hibernian.
In the European Cup, they were eliminated 2-4 on aggregate by Hungarian champions Ujpesti Dozsa in the second round, having previously beaten Norwegian champions Rosenborg BK 5-2 on aggregate.