Coached by Brian Smith and captained by Nathan Cayless, they competed in the National Rugby League's 2001 Telstra Premiership, reaching the 2001 NRL Grand final.

After getting a week off, Parramatta defeated the Brisbane Broncos at Stadium Australia, 24–16 in the rematch of the 2000 preliminary final.

Parramatta went into the decider as hot favourites after losing just once in 22 matches.

Despite this the team was defeated in their first grand final appearance in fifteen years.

They also set the record for most tries (159) and most points (943) in a full premiership season.