Hereford enjoyed a steady start to the season and were as high as fifth in the table by the end of October.
A sequence of only four wins in 17 matches between December and March checked their progress, but a nine-match unbeaten run pulled them clear of danger to an eventual 18th-place finish, eight points above the relegation zone.
In the FA Cup, Hereford evoked memories of their giant-killing exploits two years earlier with a 2–1 replay win over West Ham United in the third round.
Alan Jones struck the winning goal after a late Pat Holland equaliser had denied Hereford victory in the first match at Upton Park.
On 26 September 1973, Brian Evans, a pre-season signing from Swansea City, became the first Hereford player to win an international cap when he featured in Wales' 3–0 defeat against Poland in a World Cup qualifier.