During the 1997–98 Spanish football season, Real Valladolid competed in La Liga Valladolid were unable to improve on the previous season's seventh-place finish and dropped four places down the table.

The club's UEFA Cup excursion was short-lived, as they were swiftly eliminated by Russians Spartak Moscow in the second round.

As of 2016, this is the last time Valladolid have competed in European competition.

Note: Flags indicate national team as defined under FIFA eligibility rules; some limited exceptions apply.

Note: Flags indicate national team as defined under FIFA eligibility rules; some limited exceptions apply.