The highlight of the season was participating in the Stanley Cup Finals, as the Rangers played 12 consecutive playoff games without losing in regulation.
The Rangers fired their general manager John Ferguson and head coach Jean-Guy Talbot, replacing them with former Philadelphia Flyers and two-time Stanley Cup-winning coach Fred Shero.
The Rangers signed forwards Anders Hedberg and Ulf Nilsson away from the WHA's Winnipeg Jets.
The Rangers chose Don Maloney with their first pick, in the second-round, 26th over-all.
The Rangers faced the defending champion Montreal Canadiens, who were making their fourth straight Stanley Cup Finals appearance.