The pre-season saw John Rudge sign solid young defender Neil Aspin from Leeds United for £150,000; 28-year-old forward Nicky Cross from Leicester City for £125,000; and veteran winger Ian Miller on a free transfer from Blackburn Rovers (as cover for an injured Gary Ford).

[1] The season opened with a 2–2 draw with Bradford City at Valley Parade, missing out on all three points due to a late equaliser from Brian Tinnion.

[1] Rudge commented after the match that "[the result] proves that we have closed the gap on Stoke and are now competing on equal terms"[3] On 7 October, Vale came from behind to beat Leicester City by two goals to one.

[1] Ron Futcher was then sold to Fourth Division Burnley for £60,000, though an injury crisis in defence exposed the club's lack of squad depth.

[1] Vale went six games unbeaten over the new year, beating Ipswich Town 5–0 (their biggest win in the division since 1932) and fighting to a goalless home draw with Stoke in the process.

[1] On 10 February, Vale recorded a 1–0 home win over Watford as Paul Millar put in an excellent performance after having to replace Darren Beckford, who had been taken ill overnight.

[1] In April, Rudge sold David Riley to Peterborough United for £40,000, whilst £20,000 was spent bringing in Gary McKinstry from Portadown.

[1] Despite this the supporters held popular player Neil Aspin aloft following the team's final home game (a 2–1 defeat to Sunderland).

In the FA Cup, Vale were drawn against top-flight Derby County in the Third Round and progressed 3–2 in the replay at The Baseball Ground having 'gave as good as they received' as they drew the original tie 1–1.

In the short-lived Full Members Cup, Vale made it past the First Round with a 2–1 win over Sunderland at Roker Park, with Walker and Cross getting the goals.

They were then eliminated by Middlesbrough at the next stage, after losing 3–1 at Ayresome Park despite Rudge playing a strong side and the Vale holding a one goal lead at half-time.