A total of sixteen teams participated in the competition, fourteen of them contested the 1992 season while the remaining two were promoted from the Ukrainian First League.
The teams met just three rounds before the end in Dnipropetrovsk where Dnipro was victorious by a minimum margin thanks to the goal of Yuriy Maksymov.
Anatoliy Puzach was replaced as the coach of Dynamo Kyiv following its disastrous rendezvous with Belgian Anderlecht yielding it 2-7 on an aggregate and losing at home 0-3.
Transferred out during the season: Anatoliy Demyanenko (retired), Stepan Betsa (perished in car accident), Igoris Pankratjevas (to Sakalas Siauliai), Pavlo Yakovenko (to Sochaux), Mykola Zuyenko (to Prykarpattya), Oleh Volotek (to Asmaral Moscow), Viktor Byelkin (to FC Boryspil), Yuri Moroz (to Veres Rivne).
Transferred out during the season: Oleksiy Sasko (perished in car accident), Valeriy Horodov (to RS Settat), Ihor Moiseyev (to Asmaral Moscow), Serhiy Mamchur (to Asmaral Moscow), Oleksandr Palyanytsia (to Kryvbas Kryvyi Rih), Oleksandr Tyehayev (to Shakhtar Pavlohrad).
Midfielders: Yuriy Sak (29), Kostiantyn Kulik (23 / 4), Viktor Yablonskyi (17 / 1), Ruslan Romanchuk (17), Ilya Tsymbalar (14 / 1), Andriy Lozovsky (11 / 1), Vyacheslav Yeremeyev (7).