[1] With a strong roster boasting Australia's number one goalkeeper Melissa Barbieri and former Matildas star Tal Karp as captain, expectations were high.

Early signs were positive in the first season with New Zealand international Marlies Oostdam scoring the club's first goal as Victory won their first competitive fixture, defeating Central Coast Mariners 2–0.

Despite a tight 1–0 loss to Canberra in the semi-final it was a successful season with Steph Catley, Ashley Brown, Brianna Davey and Katrina Gorry all making their Matildas debuts while Catley and Brown won Footballer of the Year (Australian Football Fan Awards) and W-League Young Player of the Season respectively.

Melbourne Victory also won its second successive W-League Fair Play Award, sharing with Canberra, and retained the OCRF Trophy.

Despite another loss in Round 2 leaving the team on the bottom of the ladder, a combination of international signings – including stars Petra Larsson and Jessica Fishlock – and players beginning to understand Mulvey's playing system led to a turnaround in form.

A dramatic semi-final win over Perth Glory extended the side's historic undefeated streak to seven and allowed it to host the 2012/13 Westfield W-League grand final at AAMI Park, although it fell to Sydney FC 3–1.

The group is notable for their mascot, a large stuffed Homer Simpson doll wearing a Viking helmet that is brought to matches, with players frequently posing with it.