The 1991–92 season was the 94th season of competitive football played by Arsenal. The club, managed by George Graham, entered the season as Football League First Division champions, with only one defeat in the previous campaign. In spite of scoring the most goals in the division, Arsenal ended the season in fourth position, ten points behind league champions Leeds United. The club exited the FA Cup after defeat by Fourth Division opponents Wrexham and fell at the same stage of the Football League Cup to fellow First Division club Coventry City. Arsenal represented England in the European Cup; the club was the first to do so since the ban on English teams from playing in European club competitions. Their time in the competition was brief however as Portuguese team Benfica eliminated them in the second round.

Arsenal signed striker Ian Wright for a club record fee of £2.5 million in September 1991. Defender Pål Lydersen and midfielder Jimmy Carter later joined the club. Stuart Young moved to Hull City, whereas Michael Thomas joined Liverpool.

After undertaking a series of friendlies, Arsenal played Tottenham Hotspur in the Charity Shield and drew 0–0 to share the honour. Defeats by Everton and Aston Villa set the tone for the league season as the team were left with much to do; a poor run of form during the Christmas and New Year period effectively ruled the team out of retaining the championship. Arsenal finished the season strongly however – unbeaten in 16 matches, to end the campaign in fourth place. Wright was Arsenal's top goalscorer with 26 goals.

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