The club won a domestic double, securing a record 10th league title since the secession of Montenegro from Serbia in 2006, and a joint-record seventh cup trophy.

[2] Olayinka spent last five seasons with the Czech powerhouse Slavia Prague and joined the club on a three-year-long contract with an option for a fourth year.

He arrived from US side Columbus Crew for an estimated fee of €500,000 and signed two-year-long contract with the club with an option for one year extension.

[13] On 28 July Serbian midfielder Nikola Knežević, who is the product of the club's youth academy, was promoted to the first squad after being loaned to Grafičar and Napredak during the last two seasons.

[15] On 22 August Serbian veteran midfielder Slavoljub Srnić on a free transfer and joined Cypriot side AEL Limassol.

[16] Also on 22 August Georgian international defender Irakli Azarovi left the after just one season in order to join Ukrainian side Shakhtar Donetsk for an estimated fee of around €3,000,000.

[19] On 4 September Burkinabé international defender Nasser Djiga arrived at the club on a year long loan from Swiss side Basel with a buy out option.

[22] On 15 September Senegalese forward Cherif Ndiaye joined the club from Turkish side Adana Demirspor and signed three-years-long deal with an option for the fourth year.

[23] In Serbian SuperLiga Red Star won all three games they played, witch brought them back to the second place on the table, seven points behind leading Partizan.

In Serbian SuperLiga Red Star won all three games they played, witch kept them at the second place on the table, three points behind leading Partizan.

Draw for the Round of 16 of the Serbian Cup was held on 7 November and Red Star were drawn to play a home game against Radnički Niš.

Game is scheduled to be played on 6 December[26] In Serbian SuperLiga Red Star ended first half of the championship with three wins and a 1–2 defeat against Partizan in the Eternal derby.

In Champions League the club lost its last game of the season against Manchester City at home, ending their run at the last place of the group.

On 25 December quarter-finals draw took place on which Red Star was drawn against OFK Vršac in a home game that will be played on 4 April 2024.

The club will organize mid-season training camp between 15 January and 2 February in Paphos on Cyprus during which they will play five friendly games.

[30] Five of the club's players received call-ups to their national team squads for the continental championships that will be played at the start of this year.

At the start of the year Argentine right-back Alex Vigo returned to River Plate after his loan at the club expired and Red Star decided not to activate his buy-out option.

[32] On 14 January Serbian backup goalkeeper Nikola Vasiljević left the club after 4+1⁄2 years, most of which he spent on multiple loans.

[33] On 22 January Serbian defender Kosta Nedeljković signed the contract with English side Aston Villa for an estimated fee of €9,000,000.

[34] On 31 January Ghanaian midfielder Edmund Addo left the club in order to join Serbian side Radnički Niš on a six-months loan.

On 1 February Serbian winger Stefan Mitrović left the club in order to join the Italian side Hellas Verona for an estimated fee of €1,300,000.

[37] Serbian midfielder Uroš Kabić was loaned to Italian side Torino with an agreed buy-out price of €2,000,000 at the end of the season.

[39] On 19 February Serbian forward Jovan Mijatović left the club in order to join US side New York City FC for the undisclosed transfer fee estimated to be around €8,000,000.