Despite enduring a disappointing league season, finishing 10th in the first ever Premier League, behind unfancied sides like Norwich City and Blackburn Rovers, Arsenal managed to complete a double of the FA Cup and League Cup, defeating Sheffield Wednesday in both finals.

New to the Arsenal squad for 1992-93 was Denmark's Euro 92 midfield hero John Jensen, who took over in central midfield from Leeds United bound David Rocastle.

The end of the season saw the departure of long-serving Irish defender David O'Leary, who, to date, holds the record for the most appearances for Arsenal.

Arsenal hosted Norwich City at Highbury on the opening weekend of the season.

Arsenal recorded their first league win of the campaign against Liverpool at Anfield; midfielder Ray Parlour created both of the team's goals. This was followed by a 2–0 win at home to Oldham Athletic, where the attendance of 20,796 was Highbury's lowest in over four years, as Highbury's capacity was restricted while the North Bank was being rebuilt.

September was a disappointing month for the Gunners, who won just one out of five league games. But their 1-0 home win over Manchester City on 28 September signaled the start of a six-match winning run which propelled them to the top of the table on 7 November. However, they gained just three points from their next eight games, which included a four-match run of defeats and didn't include a single win, which left Arsenal's title hopes looking dead by the turn of 1993. However, they were still in the League Cup, and now had the FA Cup to play for.

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