Atlético competed in La Liga, the Copa del Rey, and the UEFA Cup.

Atlético de Madrid acquired Mexican striker Hugo Sánchez from Club Universidad Nacional before the season began.

After a difficult initial period, Sánchez became the club's leading scorer.

[1] In League, the club collapsed during November due to the absence of Sanchez, who was playing for the Mexican national football team the 1981 CONCACAF Championship in Honduras ultimately missing the two available spots for the upcoming 1982 FIFA World Cup.

[2] Note: Flags indicate national team as defined under FIFA eligibility rules; some limited exceptions apply.