Rangers played a total of 53 competitive matches during the 1988–89 season.
England international right back, Gary Stevens was signed from Everton and Kevin Drinkell was brought in to partner Ally McCoist up front.
Results against Celtic were pivotal in the Championship race, winning 5–1 and 4–1 at Ibrox.
The team qualified for the UEFA Cup and after a fine aggregate win over Polish side GKS Katowice, they were knocked out in the second round by Köln of West Germany.
Lawrence Marlborough sold his controlling interest in Rangers to David Murray in November.