The 1991–92 season was Sport Lisboa e Benfica's 88th season in existence and the club's 58th consecutive season in the top flight of Portuguese football, covering the period from 1 July 1991 to 30 June 1992. Benfica competed domestically in the Primeira Divisão and the Taça de Portugal, and participated in the European Cup by winning the previous league.

Entering the season as defending champions, the third year of Sven-Göran Eriksson was less successful than before. During the transfer season, Benfica lost two important players – Ricardo Gomes and Valdo to Paris Saint-Germain. As new signings, the club brought in Russians Vasili Kulkov and Sergei Yuran, and promoted youth graduates Paulo Madeira and Rui Costa to regular starters. In the league race, Benfica competed with Porto until January, when a three-point gap opened, and a subsequent home loss against them two months later, ended hopes of retaining the title. Still, the team made history when it defeated Arsenal in Highbury to qualify for the new format of the European Cup, now with a group stage.

In his fifth year at Benfica, Swedish manager Sven-Göran Eriksson had to rebuild a new eleven, following the departures of Ricardo Gomes and Valdo to Paris Saint-Germain. After two seasons as back-up, Paulo Madeira had its breakthrough season alongside William, amassing 47 appearances, second-best in the squad. To replace Valdo, Eriksson opted for the 19 year-old, Rui Costa, which had just returned from a successful loan spell at AD Fafe. Benfica also made a few signings, notably Vasili Kulkov and Sergei Yuran, both internationals for the Soviet Union.

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