The season ran from August 2023 to May 2024.
[1] This was the sixth season with 10 participating teams.
A total of 10 teams participate this edition of the Second League.
The new members are Iskra, who were relegated from 2022–23 Montenegrin First League, and winners of Montenegrin Third League playoffs - Lovćen and Internacional.
At the end of the season, the winner is automatically promoted to Montenegrin First League, while 2nd and 3rd placed teams play promotion play-offs, while the 9th and 10th position lead to relegation to the Montenegrin Third League.