Benfica competed domestically in the Primeira Divisão and the Taça de Portugal, and participated in the European Cup after winning the previous league.

However, in the European Cup, after passing Malmö FF, they lost 3–0 on aggregate with Derby County in the second round and were knocked-out.

A week later, they also lost their domestic invincibility when Leixões defeated them for the Portuguese Cup, ending over one-year of undefeated streak.

In final part of the season, Benfica drew again with Atlético but remained undefeated winning 28 games in 30, setting a record for longest distance for second place with 18 points.

[1][2] For the third year of Jimmy Hagan, Benfica made some squad adjustments, signing a promising young goalkeeper; Manuel Bento,[3] another right winger; Nelinho and bringing back Augusto Matine, who excelled at Vitória de Setúbal.

[6] The pre-season only started on 16 August because 12 players of Benfica took part in the Brazil Independence Cup, so their vacation was pushed forward.

[9][10][11] Benfica's preparations included the Ramón de Carranza Trophy on 26 and 27 August, and they completed the pre-season with a tour in Indonesia.

[21] Now solely focused on the league campaign, Benfica kept their winning record in November after beating Vitória de Guimarães, ending the month with a six-point lead over Belenenses.

[21] Accounting for wins all the matches played, Benfica had now an eight-point lead over second place Belenenses and had scored 49 goals and conceded just five.

[25] The Primeira Divisão resumed in latter part of the month and for the last match in February, Benfica visited Estádio do Restelo to face Belenenses.

[27] The final part of the season was solely focused on making Eusébio win the European Golden Shoe, as Müller was his main contestant.

Note 2: Players with squad numbers marked ‡ joined the club during the 1972-73 season via transfer, with more details in the following section.