The 1963–64 season was Port Vale's 52nd season of football in the Football League, and their fifth season in the Third Division.Freddie Steele spent big on transfers, bringing in players such as Billy Bingham, Albert Cheesebrough, and Jackie Mudie. However it was a disappointing season in the league and a disaster financially. The highlights of the season came in the FA Cup, where Vale beat top-flight Birmingham City at St Andrew's, and drew 0–0 with Liverpool at Anfield.

The pre-season saw manager Freddie Steele spend unprecedented sums of money – though Vale's spending was insignificant to the standard of many of their rivals. Steele brought in Northern Ireland international Billy Bingham from Everton for £15,000; Albert Cheesebrough from Leicester City for another £15,000; as well as Walsall's Tim Rawlings for £4,000. Chairman Tom Talbot approved of these signings despite the club's financial problems. The club also took a tour of Northern Ireland, though a friendly with Benfica (arranged to match rivals Stoke City's match with Real Madrid) was cancelled due to fixture congestion.