Pittsburgh started the season off very well, and through their first 38 games, they had a record of 22–12–4, earning 48 points and fighting with the Washington Capitals and New York Rangers for first in the Division.
The team, along with Mario Lemieux, who missed time due to a back injury, would slump in their next 24 games, going 5–15–4 to slide down to .500 and battling with the New York Islanders and Philadelphia Flyers for the final playoff position in the Division.
Mario Lemieux led the club offensively, despite missing 16 games to injuries, as he earned an NHL-high 131 points from 44 goals and 87 assists to win the Art Ross Trophy.
In the playoffs, the Penguins would open up against the Washington Capitals, who they defeated in the second round in the previous season en route to the Stanley Cup championship.
Pittsburgh would hang on for a 3–2 victory in the fifth game, and close out the series at home with a 5–1 win, to upset the Rangers, and return to the Conference Finals.
The Penguins stayed hot, winning Games 3 and 4 by identical 5–1 scorelines, to sweep the Bruins, and reach the Stanley Cup finals for the second-straight season.
Chicago had defeated the St. Louis Blues, Detroit Red Wings and Edmonton Oilers en route to the Finals, entering the series with an NHL playoff record 11-game winning streak.
Mario Lemieux won the Conn Smythe Trophy for the second straight year, as he recorded a League-high 34 points in just 15 playoff games.
They defeated the Milwaukee Admirals and Kalamazoo Wings before being swept by the Kansas City Blades in the Turner Cup Finals.
This finals loss came as a result of the Penguins recalling Jock Callander, Mike Needham, and Dave Michayluk to fill open spots left by injuries to both Mario Lemieux and Joe Mullen.
Michayluk still won the Ironman Award by the IHL for playing in all of his team's games while displaying outstanding offensive and defensive abilities.