[1] Bayern reached the semifinals of the European Cup before being eliminated by Red Star Belgrade due to an own goal in the 90th minute of the second leg.

Players to transfer to Bayern this summer were: Stefan Effenberg from Borussia Mönchengladbach,[2] Gerald Hillringhaus from SV Türk Gücü München,[3] Brian Laudrup from Bayer 05 Uerdingen,[4] Michael Sternkopf from Karlsruher SC,[5] and Christian Ziege from Hertha Zehlendorf.

Due to the loss, Bayern were eliminated from the DFB-Pokal in the first round for the first time in club history.

[14][15] The first Bundesliga match of the season took place on 11 August which resulted in a 1–1 draw against Bayer 04 Leverkusen.

In the third place match on 18 August against Deportivo de La Coruña, Bayern won 3–2 due to a hat-trick by Alan McInally.

[21] By defeating Fortuna Düsseldorf 2–1 on 15 September, Bayern extended its win streak to four matches.

[24] The first loss of the Bundesliga season came on 28 September against SV Werder Bremen with Bayern losing 0–1.

[29] The first leg of the second round of the European Cup took place on 23 October with Bayern defeating PFC CSKA Sofia 4–0.

[31] On 6 November, Bayern defeated PFC CSKA Sofia 3–0 (7–0 aggregate) to move on to the quarterfinals of the European Cup.

[34] The final Bundesliga match of the month came on 24 November when Bayern defeated SG Wattenscheid 09 7–0.

[36] The final Bundesliga game of the first half of the season was a 1–1 draw with Bayer 05 Uerdingen which left Bayern in second place.

[41][42] The Fort Lauderdale Strikers held Bayern to a goalless draw in a friendly played on 6 February.

Bayern, reduced to 10 men after a 65th minute red card for Manfred Bender, lost the match 1–2.

[52] The first leg of the European Cup semifinals against Red Star Belgrade on 10 April ended in a 1–2 loss.

[56] An own goal in the 90th minute by Klaus Augenthaler in the second leg of the European Cup semifinals on 24 April saw Bayern eliminated from the competition.

The goal caused the game to be a 2–2 draw but the aggregate score of 3–4 saw eventual champions Red Star Belgrade advance to the finals.

[57] Bayern had a perfect record in May with wins over Hamburger SV, Eintracht Frankfurt, Borussia Dortmund, and Hertha BSC.

[63] A 2–2 draw against Bayer 05 Uerdingen on the final matchday saw Bayern finish in second place three points behind Bundesliga champion 1.