The 1997–98 season was Sport Lisboa e Benfica's 94th season in existence and the club's 64th consecutive season in the top flight of Portuguese football, covering the period from 1 July 1997 to 30 June 1998. It involved Benfica competing in the Primeira Divisão and the Taça de Portugal. Benfica qualified for the UEFA Cup by finishing 3rd in the previous Primeira Divisão.

After three seasons without a league title, Benfica signed more than ten players in an attempt to regain competitiveness. Important signings were 21 year-old Nuno Gomes who scored 15 league goals in the past season, and together with Sánchez (also signed), were vital in denying Benfica the opportunity to retain the Portuguese Cup in the 1997 Taça de Portugal Final. An addition with high expectations was Paulo Nunes, the 1996 Brasileirão top-scorer, which was meant to partner with João Pinto in the attack, but ended clashing with him.Manuel José briefly led the team, being replaced due to poor results after five games. Mário Wilson returned for a third spell of just a month, until Scottish manager Graeme Souness assumed the team in November. Although not an immediate success, changes in the squad during the winter transfer market made instant impact, with an ensuing seven-game winning streak helping the team secure a second-place finish, and benefiting from recent changes in format, qualify for the UEFA Champions League.

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