In the EFL Trophy, Reading won all three of their group games, scoring 19 goals in the process, before being eliminated by Brighton & Hove Albion U21 in the Round of 16.

Scott Dann, Luke Southwood, Shane Long, Liam Moore, Lucas Joao and Dejan Tetek all departed the club at the end of June, whilst Nesta Guinness-Walker had a clause activated in his contract that saw him retained for the current season.

Whist Hamid Abdel-Salam, Adrian Akande, Harvey Collins, Matt Rowley and Michael Stickland all had clauses in their contracts triggered for the 2023–24 season.

Lui Bradbury, Ethan Burnett, Josh Green, Nahum Melvin-Lambert, Kian Leavy, Claudio Osorio and Rashawn Scott all left the club's academy ranks at the end of their contract.

Reading offered first professional contracts to Harvey Maudner, Jacob Borgnis, Tom Norcott, Caylan Vickers, Jeremiah Okine-Peters and Basil Tuma, whilst David Nyarko, Ryley Campbell, Kyle Daniel-Spray, Harrison Furlong, Louis Hutchings, Troy Murray, Zion Nditi and Aston Greaver all left the club.

[4] Reading were charged by the EFL on 16 June with failing to pay their players on time and in full, in October and November 2022, and April 2023,[5] and, later, with non-payment of taxes.

[16] Later the same day, Jeriel Dorsett signed a new one-year contract with the club, until the summer of 2024, whilst Geneiro Maragh joined the U21 team on a similar deal.

[17] Harvey Knibbs was signed on a free-transfer to a three-year contract on 13 July,[18] with Rubén Sellés being formally confirmed as the club's First Team Manager, after his visa application was successful, the subsequent day.

[22] On 21 July, Reading announced the signing of Lewis Wing to a three-year contract, after he'd left Wycombe Wanderers at the end of the previous season.

[46] On 25 November, Reading secured a 2-1 victory over Wycombe Wanderers at Adams Park to end the clubs 378 day wait for a league win away from home, which had seen them draw two and lost eighteen games.

[50] On 19 December, Dai Yongge was fined £20,000 for Reading's wages failures; the EFL had recommended a 12-month ban from all football activities, but an independent disciplinary commission opted not to enforce it.

[51] On 5 January, Reading announced the departure of Director of Player Development, Eddie Niedzwiecki, and Assistant Head Coach, Andrew Sparkes, as part of a cost-cutting restructure of the club.

[52] On 13 January, Reading's EFL League One game against Port Vale was abandoned after 16 minutes due to a pitch invasion by the fans in protest against owner Dai Yongge.

[57] Later on the same day, the EFL announced that Reading's abandoned game against Port Vale on 13 January would be replayed in full on 20 February, with the club receiving a suspended 3-point penalty.

[62][63][64] On 27 February, Reading were deducted another 2 points for late HMRC payments, whilst owner Dai Yongge was handed a £100,000 for his repeated failures to deposit an amount equal to 125% of the Club’s forecast monthly wage bill in a designated account.

[70] Five days later, Reading were reported to be in "exclusive negotiations" with a buyer to agree final terms for Dai Yongge's shareholding, the stadium and the training ground; closing the deal could take up to two months.

Reading also confirmed that Matthew Carson, Nesta Guinness-Walker, Sam Hutchinson and Clinton Mola would all be leaving the club when their contracts expire on 30 June.

For the Under 18 team, Joseph Barough, Boyd Beacroft and Harrison Rhone all were offered new contracts, whilst Toby Mawer rejected a contract offer in order to accept a College Sponsorship place in the United States and Tyler Field, Matthew Goulding, William Gutierrez-Ramirez, Jayden Porter-Atkinson, Jack Timberlake and Aaron White would all leave the club.