Rangers played a total of 52 competitive matches during the 1997–98 season.

They went into the season in pursuit of a record tenth consecutive league title.

The early season form of new signing Marco Negri gave the team fresh impetus but when the then manager Walter Smith announced that he would leave the club at the end of the season the side's form dipped.

The club ended the season trophyless for the first time in twelve seasons as they lost the Scottish Cup final to Hearts 2–1 and were knocked out League Cup in the quarter-finals by Dundee United.

In Europe, the club failed to reach the Champions League group stages and fell at the first hurdle in the UEFA Cup, losing both legs 2–1 to RC Strasbourg.