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

In the transfer window, Benfica lost several historic players, notably Eusébio, António Simões, Adolfo Calisto, Artur Jorge and Jaime Graça.

Meanwhile, in Europe, the opening rounds of the European Cup saw Benfica defeat Fenerbahçe by 7–1 on aggregate, and Újpesti Dózsa by 6–5 after a tight match in Hungary.

Both teams remained at the front, until Boavista conceded two consecutive losses in March and gave Benfica a four-point lead.

[1] Milorad Pavić brought the title back to Benfica, but did not wish to continue and departed the club, being replaced by Mário Wilson on 30 May 1975.

[13][14][15] Afterwards, they embarked on a tour to Australia and Indonesia, playing seven matches in 15 days, before finishing the pre-season on 5 September with Paris Saint-Germain.

[17][18] Meanwhile, in the opening round of the European Cup, Benfica thrashed Fenerbahçe by winning 7–0 at home, with a one-nil loss in Turkey.

[24] On the opening match of the second half, Benfica visited Estádio do Bessa to play the leaders Boavista, winning 4–1 and assuming the first place with a one-point lead.

[26] On 16 February, Benfica lost points again with Belenenses, but took advantage of the Boavista's draw with Vitória de Guimarães, to keep the lead, albeit still shared with them.

[24][27] In March, Benfica's opening game was the home leg of the quarter-final of the European Cup with Bayern Munich, with a result being a 0–0 draw.

[28] According to Wilson, losing a player (Vítor Martins) to injury altered the team strategy, but he also pointed to several mistakes by referee Hilmi Ok that favoured Bayern.

[32] Despite winning the title, President Borges Coutinho expressed his desire to have a British manager at the helm, which signalled the departure of Mário Wilson.