Rangers played a total of 58 competitive matches during the 1987–88 season. The team finished a disappointing third in the Scottish Premier Division with 60 points, two behind Hearts and twelve behind champions Celtic.

In the cup competitions, they were knocked out of the Scottish Cup in the fourth round, losing 2–0 away to Dunfermline Athletic. They won the League Cup, defeating Aberdeen 5–3 on penalties after the match was drawn 3–3.

The European campaign was fairly successful. The club reached the quarter final of the European Cup after beating Dynamo Kiev and Górnik Zabrze before beating knocked out by Steaua Bucharest.

All results are written with Rangers' score first.

*Rangers won the match 5–3 on penalties

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