After a stuttering start to the league campaign, three defeats and a draw from the first six matches, the sides fortunes greatly improved.
From October to the end of the season Rangers suffered only one league defeat, at home to Hearts on 2 December 1972, and went on a run of sixteen wins.
The League Cup run was ended in the semi-finals at the hands of Hibernian after a 1–0 defeat.
The side played the European Cup holders Ajax in January 1973.
In the end Ajax proved too strong and recorded a 6–3 aggregate win, with Rangers losing 1–3 at Ibrox and 3–2 in Amsterdam.