Gary Breen, a teenaged defender, and Liburd Henry, a forward, joined from Gillingham's Kent rivals, Maidstone United, also of the Third Division.

[9] Veteran forward Trevor Aylott joined Gillingham from Birmingham City and Scott Barrett, a goalkeeper, arrived from Colchester United.

[10] Richard Green, who had spent part of the previous season on loan to Gillingham from Swindon Town, re-joined the club on a permanent contract.

[16] The club adopted a new kit design, adding white shoulder panels to the usual blue shirts; the away kit, to be worn in the event of a clash of colours with the home team, featured black and white stripes,[17] the first-choice colours worn when the club was formed in 1893.

[18] Previewing the division, Keith Blackmore of The Times wrote that Gillingham were not among the bookmakers' favourites for promotion but nonetheless had a good chance, noting in particular the new signings from Maidstone and the fact that "no team containing [David] Crown and [Steve] Lovell is likely to go short of goals".

[21] Defeat at home to Crewe Alexandra on 3 October left Gillingham 21st in the table, one place off the bottom of the entire Football League.

[25] Paul Clark, the captain, served as caretaker manager until 26 October, when Glenn Roeder was appointed as the club's new player-manager.

The former Queens Park Rangers and Newcastle United defender had left third-tier Leyton Orient earlier in the year and was playing non-League football for Purfleet at the time of his appointment.

[33] The team's final game of 1992 was away to Scunthorpe United and ended in a 2–2 draw; Roeder selected himself in the starting line-up for the first time and, having turned 37 two weeks earlier, became the oldest player to make his debut for Gillingham.

[21][36] Forward Paul Baker, signed from Motherwell days earlier, scored on his debut; he would start every game for the remainder of the season.

Fellow forward Crown, who had played intermittently in the first half of the season but not made any appearances since mid-December,[21] came on as a substitute against Doncaster Rovers in the last game of February and scored an equalising goal in the final minute.

Having not started a match since before Christmas, Forster had returned to the team in the win over Carlisle and would remain Baker's forward partner for the rest of the season.

[41][42] A 3–0 defeat to Colchester on 16 April meant that with two games remaining, Gillingham were 20th in the Third Division and could still finish bottom, which would result in them being relegated out of the Football League.

[48][49] The defeat meant that, for the first time in the club's history, Gillingham had gone through an entire season without winning a league game away from home.

[50] Reviewing the season for the magazine When Saturday Comes ten years later, Chris Lynham characterised the team as poor in all areas, picking out Aylott's unsatisfactory performance as a replacement for Beadle up front and the regularity with which the defence conceded goals in injury time.

[51] Contrary to Blackmore's prediction prior to the season, only four teams in the Third Division scored fewer goals than Gillingham.

Despite being forced to substitute their goalkeeper due to an injury before half-time, with former Gillingham midfielder Ian Docker taking over in goal, the Conference team levelled the scores in the second half and nearly held on for a draw.

Forster scored a winner in the 85th minute, however, meaning that Gillingham progressed past the first round of the FA Cup for the first time in five seasons.

A week later, Gillingham played at home to Fulham and drew 3–3 in front of a crowd of 1,085, the lowest of the season at Priestfield.

[67] Baker, Arnott and Forster were joint top scorers in Football League matches alone, each scoring 6 Third Division goals.

[65] FW = Forward, MF = Midfielder, GK = Goalkeeper, DF = Defender Top goalscorer Crown left the club at the end of the season and joined Dagenham & Redbridge of the Conference.

[70] Watford were later fined £10,000 (equivalent to £30,000 in 2023) by the Football Association, the governing body of the sport in England, for making an illegal approach to Roeder.