The 1991–92 season marked Portsmouth F.C.
's third consecutive season in the Football League Second Division.
Under the management of Jim Smith, who had been appointed in June 1991, the team finished ninth in the league, an improvement of eight places from the previous season, but missed out on the promotion play-offs by five points.
A notable highlight of the season was Portsmouth's run to the FA Cup semi-finals.
They faced Liverpool, losing in a penalty shootout after twice drawing with the eventual winners.