For the season it is referred to as KK Crvena zvezda mts for sponsorship reasons.

[6] On July 6, guard Ognjen Dobrić signed a two-year contract extension.

[8] Forward Faye was a member of the Senegal national team at the 2019 FIBA Basketball World Cup in China.

On July 14, center Ognjen Kuzmić was involved in serious traffic accident near Banja Luka, Bosnia and Herzegovina, in which he got life-threatening injuries.

[14] In his official head coaching debut on 24 October, Gavrilović led the Zvezda to a 73–65 loss to FC Barcelona.

[15] Gavrilović failed to make any notable progress, which added to the bad atmosphere around the club.

Gavrilović finished his stint as the interim head coach with a 5–6 record on 23 November.

Upset by his poor performances, the Zvezda fans started booing Filip Čović.

[16][17] Club management reacted at the end of December, hiring Dragan Šakota as a head coach and reinforcing squad with center Vladimir Štimac and guard Kevin Punter.

Forward Derrick Brown and Faye agreed with the club to terminate their contracts in January.

By mid-February the Zvezda loaned Čović and Kuzmić to FMP, bringing in guard Kalin Lucas instead.

On 12 March 2020, ABA League Assembly temporarily suspended the remainder of the 2019–20 season "until further notice" following the coronavirus pandemic.

[18] The club still remains to play one game until the end of the regular season and at least the semifinals of the 2020 playoffs.

Notes: On 2 October, Crvena zvezda named Žarko Čabarkapa as a new sports director.

In the semifinal game, American guard Billy Baron scored the 3-point buzzer-beater for a 80–79 win over Mega Bemax.