Rangers played a total of 56 competitive matches during the 1971–72 season. They won their first and only European trophy this season. The side won the European Cup Winners' Cup in Barcelona, Spain. The match was effectively over by half time thanks to goals from Colin Stein and a double from Willie Johnston. The Soviet team Dynamo Moscow did score twice in the second half but Rangers held on for a famous victory.

Domestically, Waddell's side finished a disappointing third in the Scottish League Division One. The club ended the season without the Scottish Cup or League Cup's after being knocked out of the former by Hibernian at the semi-final stage. They never progressed from the sectional rounds in the League Cup.

All results are written with Rangers' score first.

*Rangers failed to reach the Quarter-finals

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