New signings were made including strikers Michael Chopra and Jay Emmanuel-Thomas from Cardiff City and Arsenal respectively for fees of around £1 million each.

The loan signings of goalkeeper David Stockdale and Republic of Ireland internationals Keith Andrews and Daryl Murphy were also made to bolster the squad.

Ipswich exited the League Cup at the first round following a 1–2 home loss, having initially lead the match through a goal from Jay Emmanuel-Thomas.

There were no major departures from the club, although it was agreed that summer signing Ívar Ingimarsson's contract would be terminated by mutual consent, following which he decided to retire from football shortly after.

[4] Ipswich managed to end this poor run with their biggest win of the season on 31 January, beating West Ham United 5–1 at Portman Road, with goals from Michael Chopra, Daryl Murphy, Lee Martin and a brace from Jay Emmanuel-Thomas.

Prior to kick-off, club captain Carlos Edwards lead the Ipswich squad to applaud the members of the 1961–62 First Division title winning side including Ray Crawford, Andy Nelson, Larry Carberry, John Compton, Doug Moran and Ted Phillips, who had been invited to the club's directors box as part of the unveiling of The Sir Alf Ramsey Stand.

[7] Ipswich followed-up their improved form in February with another consistent run throughout March, beginning the month with a 3–0 home win over Bristol City at Portman Road.

Ipswich did not win any of their next five matches before ending the season with a 3–2 away win over Doncaster Rovers on the final day of the season, a match in which manager Paul Jewell gave academy graduate Byron Lawrence his first-team debut as a second-half substitute at the age of 16 years and 47 days old, making him the club's second youngest ever debutante after former striker Connor Wickham.

Striker Jason Scotland won the goal of the season award for his 25-yard equalizer away against Crystal Palace at Selhurst Park on 14 April.