The 27th World Cup season began in November 1992 in Sestriere, Italy for men and Park City, Utah, USA for women, and concluded in March 1993 at the newly created World Cup Final in Åre, Sweden.

Marc Girardelli of Luxembourg won his fifth overall title, which was the most for a man in World Cup history until surpassed by Austrian Marcel Hirscher in 2017.

In December, defending women's World Cup champion Petra Kronberger of Austria abruptly retired, saying that she had lost her motivation to continue.

Also, Czechoslovakia peacefully dissolved into two countries—the Czech Republic and Slovakia—effective as of January 1, 1993, although the ski team remained unified until the end of the season.

Because of the smaller field, World Cup points are only awarded to the top 15 finishers in each race.

Marc Girardelli won his third Combined World Cup by winning all three competitions.