Fourteen teams participated in the 1991–92 Cypriot Second Division.
The team with the most points at the end of the season crowned champions.
Olympiakos Nicosia won both matches and secured their place in the 1992–93 Cypriot First Division.
The 12th-placed team, Ethnikos Assia, faced the 3rd-placed team of the 1991–92 Cypriot Third Division, Adonis Idaliou, in a two-legged relegation play-off for one spot in the 1992–93 Cypriot Second Division.
Ethnikos Assia won the playoff and secured their place in the 1992–93 Cypriot Second Division.