Olympiakos won their 2nd title.
Fourteen teams participated in the 1997–98 Cypriot Second Division.
The team with the most points at the end of the season was crowned champions.
The top three teams were promoted to 1998–99 Cypriot First Division and the bottom three teams were relegated to the 1998–99 Cypriot Third Division.
Teams promoted to 1997–98 Cypriot First Division Teams relegated from 1996–97 Cypriot First Division Teams promoted from 1996–97 Cypriot Third Division Teams relegated to 1997–98 Cypriot Third Division