Watford lost the first leg 3–1, however a 3–0 win at Vicarage Road saw them safely through to the second round, where they faced Levski Spartak, a Bulgarian side.
A 1–1 draw in Hertfordshire was followed up with a 3–1 win after extra time in the Vasil Levski National Stadium, ensuring Watford's progress to the third round.
[2] At home, Watford went 2–0 down in the first half however recovered to 2–2 with goals from Wilf Rostron and Jimmy Gilligan but a late winner from substitute Zdeněk Ščasný sunk the Yellows.
The revival of the Anglo-Italian Cup for the 1992–93 campaign saw Watford return to European cup competition for the first time since 1984, however it would only be a brief return, as Watford finished bottom of their group in the preliminary round having been beaten by Bristol City and drawing with local rivals Luton Town.
Again, they fell at the preliminary round, as Southend United topped the group, although they did manage to beat their rivals Luton.