The 1971–72 season was Colchester United's fourth consecutive season in the Football League Fourth Division. They won the Watney Cup and finished 11th in the league.

The U's goalscoring prowess of the 1970–71 season did qualify them for the 1971–72 pre-season Watney Cup. The competition was open to the two highest scoring teams from each division that had not won promotion. U's saw off Luton and Carlisle at Layer Road to reach the final against West Bromwich Albion, at The Hawthorns. A thrilling encounter saw the tie level at 4-4 after extra time leading to Colchester's first-ever penalty shoot-out. Albion missed two and U's one leaving youngster Phil Bloss to slam hone the decisive winning spot-kick.

After the exploits of the previous season's cup run and now Watney Cup success, United were firm favourites for promotion. But with an ageing side and a club debt amounting to over £21,000 (£400,000 today based on average earnings index) and with the floodlighting requiring urgent maintenance work, manager Dick Graham turned full circle and introduced youth to United's side. Steve Leslie, Steve Foley, Lindsay Smith, Micky Cook and John McLaughlin were just some who came in during the rapid break up of Granddad's Army. All would become regulars in United's side but youth alone was not sufficient for United to maintain a serious promotion bid and they finished 1971–72 in eleventh place, nine points adrift of promotion.

Note: Flags indicate national team as defined under FIFA eligibility rules. Players may hold more than one non-FIFA nationality.

Pld = Matches played; W = Matches won; D = Matches drawn; L = Matches lost; GF = Goals for; GA = Goals against; GAv = Goal average; Pts = Points

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