In the transfer window, Central Coast signed Australian international Tony Vidmar and defender Vuko Tomasevic.
The Mariners began the season in good form and reached the final of the 2006 A-League Pre-Season Challenge Cup.
On the back of the Mariners' highly successful first season, expectation arose as to the big-name players that could potentially join Central Coast.
There were strong rumours about Stan Lazaridis, Ned Zelic and Paul Okon coming to the Mariners, but none eventuated.
The Mariners competed in the QNI North Queensland Trophy against A-League club Melbourne Victory, Chinese Super League team Changchun Yatai and the Young Socceroos finishing a respectable third.
Note: Flags indicate national team as defined under FIFA eligibility rules; some limited exceptions apply.
[16] Finishing on top of Group A, with Adelaide United relegated to second on goal differential, the Mariners took on the Newcastle Jets in a fiery local derby in the playoff stage.
The game progressed into extra time, and a 96th-minute header from Paul O'Grady gave the Mariners a chance to defend their Pre-Season title in what was their fourth consecutive domestic final in as many competition entries.
Carl Veart scored early for Adelaide before the Mariners levelled in the 77th minute through attacking midfielder Andre Gumprecht.