The 1967–68 season was Port Vale's 56th season of football in the Football League, and their third successive season (fourth overall) in the Fourth Division. A poor season saw them battle to mid-table in order to avoid the re-election zone. Yet it would be off-the-field developments that would worry Vale supporters the most. An FA/Football League Joint-Inquiry investigated the club as club officials were forced to admit several breaches of the rules in regard to payment of players. The result was expulsion from the League, however before the start of the following season a vote of 39 to 9 allowed the club to be immediately readmitted to the competition. The whole saga was rather ironic, as the club re-entered the League in 1919 after Leeds City were expelled over illegal payments to their players. On the playing front it was the final season of both Harry Poole and Terry Miles' careers.

The pre-season saw the departure of Terry Alcock to Blackpool, after the club 'reluctantly' accepted a £25,000 offer. In came £35-a-week striker Roy Chapman from Lincoln City and forward Mick Morris from Oxford United. In August there was a pre-season tour of Czechoslovakia to help with fitness, as the players also toured the spa at Luhačovice, the wine cellars at Čelákovice, as well as a giant footwear factory.

The season opened with seven games without a win, with just three goals scored.Stanley Matthews then returned to Czechoslovakia on business, much to the dismay of supporters. In came skilful midfielder John Green, who made a 'superb' debut in a 2–0 defeat at high-flying Aldershot. By now Vale were bottom of the league, but a remarkable turnaround then saw Vale hit four goals in each of their next four home games with the useful partnership of Cullerton and Chapman, and the skill of Green.Harry Poole picked up an injury and 'the spell was broken' with a 2–1 defeat in Burslem to league leaders Bradford City. In November Vale again suffered, and more problems came as the Football League began an examination into the club's books over alleged breaches of rules in regard to payment of players. Back on the pitch, Roy Sproson made his 700th appearances in a 1–1 draw with Newport County at Somerton Park. The next month held more financial problems, as lifelong Vale supporter and self-styled 'holiday camp king' Graham Bourne was denied a seat on the board despite buying up 13,000 shares – Chairman Pinfold stated 'we must proceed cautiously' and Bourne quickly sold his shares. On the field, the "Valiants" improved with a seven-match unbeaten run to take them into mid-table, their run was helped by the arrival of Bill Asprey from Oldham Athletic for £2,000.

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