The 1992–93 season was Sport Lisboa e Benfica's 89th season in existence and the club's 59th consecutive season in the top flight of Portuguese football, covering the period from 1 July 1992 to 30 June 1993. Benfica competed domestically in the Primeira Divisão and the Taça de Portugal, and participated in the UEFA Cup by finishing second in the previous season.

This season was the first after the departure of Sven-Göran Eriksson, with Tomislav Ivić succeeding the Swedish coach for a brief spell before former manager Toni took over until the end of the season. In the transfer market, the club look into strengthening their defence, after conceding 23 goals in the league in the year before, with regular starters being brought in, notably the cases of Abel Xavier, Hélder and Mozer. Also with strikers like Rui Àguas and Yuran, players that could play in the hole were needed, so João Pinto and Mostovoi were signed. Benfica finished the league in the second place, two points behind defending champions Porto – against whom they also lost the 1991 Supertaça in a replay final – but secured a record 22nd Taça de Portugal title.

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