[11] On 26 June, Serbian international forward Dejan Davidovac left the club after his contract expired and joined Russian powerhouse CSKA Moscow.

[12] On 27 June, American guard Austin Hollins left the club after his contract expired and joined Israeli powerhouse Maccabi Tel Aviv.

[14] Reportedly, the club expressed their interest to sign head coaches Ioannis Sfairopoulos, Zoran Lukić, and Pablo Laso among others, following departure of Radonjić.

On the same day, a club's veteran Marko Simonović announced his retirement as an active player and was instead hired as a new assistant coach.

[18] Crvena zvezda announced that they have signed two-years-long contract with American center Hassan Martin who previously played for Greek powerhouse Olympiacos on 9 July.

[19][20] Three days later, on 12 July, they have signed a year-long contract with Puerto Rican swingman John Holland who previously played for Turkish side Frutti Extra Bursaspor.

[21][22][23] On 12 July, a Serbian forward Nikola Kalinić, who was Adriatic League regular season MVP and member of the Ideal Starting Five, left the club to join Spanish side FC Barcelona.

[25][26] On 14 July 2022, the club signed Bosnian-born and Serbia international forward Dalibor Ilić on a four-year contract.

[27][28] On 19 July 2022, the club signed their former youth system player and the 2022 EuroLeague champion center Filip Petrušev.

[29][30] On the next day, 20 July, club signed Ghanaian power forward Ben Bentil who spent previous season playing for Italian side Olimpia Milano.

The first roll call included guards Nikola Ivanović, Stefan Marković, Adams, Nikola Topić, and Holland, forwards Stefan Lazarević, Lazić, Ilić, Luka Mitrović, Lazar Gačić, Bentil, and Nemanja Popović, and centers Ognjen Kuzmić and Martin, as well as two promotions from their youth system, Filip Radaković (signed in June 2022[33][34]) and Lazar Đoković (signed in April 2022[35]).

Players Ognjen Dobrić, Nedović, and Petrušev were with the Serbia EuroBasket team, while Aaron White will join later due to family obligations.

[36][37] Subsequently, Dobrić and Petrušev were cut from the 12-man roster, making Nedović the only player who played at EuroBasket 2022[38] and club decided to terminate contract with Aaron White.

He signed as a free agent, having previously played for South Korean side Goyang Carrot Jumpers until he was waived in December 2021.

On 14 October, club announced new signing - Argentine guard Luca Vildoza who previously played for Milwaukee Bucks.

On 3 November, just three months after arriving, the club parted ways with American point guard Jaylen Adams, who played only five games.

[51] On 18 December, in a pre-game warm-up against Mega MIS, all Zvezda's players wore a t-shirt with a picture of Siniša Mihajlović with a title 'Legends Live Forever!

[55] On 4 January 2023, Euroleague Basketball's Finance Panel imposed sanction consisting of a prohibition to register new players and coaches until February 28, 2023, and a fine of €25,000 on the club for violations of the Financial Stability & Fair Play Regulations.

[56] On 9 January 2023, the ABA League declined and cancelled a transfer of young guard Nikola Topić to FMP Meridian.

In Basketball League of Serbia, club played 2 games in the final against FMP and won both of them, thus winning the Serbian championship for the 8th time.

The following players are under a professional contract with the club On 8 July 2022, Crvena zvezda hired Vladimir Jovanović as their new head coach.

[78] Furthermore, the team is scheduled to play at the 2022 Neofytos Chandriotis Basketball Tournament (NCBT) together with Peristeri, Olympiacos, and Hapoel Holon in Nicosia, Cyprus, from 23 to 24 September 2022.