The 2011–12 season was Plymouth Argyle's 100th as a professional football club, their 87th as a member of the Football League and their sixth in Football League Two, the fourth tier of the English football league system.

The 2010–11 season was the club's 39th in the third tier of the English football league system, having been relegated from the Football League Championship the previous season. It was their first campaign at that level for six years and Peter Reid's first season in charge since becoming the club's manager. Argyle began the season by picking up four points from their opening two matches, but they struggled for consistency over the next two months, winning four of their next 15 league matches. The club was firmly established in mid-table when they received a winding-up petition from HM Revenue & Customs over unpaid taxes in November, the third in the space of a year. A number of players were sold in January to raise funds, including top goalscorer Bradley Wright-Phillips, midfielder Craig Noone and defender Réda Johnson for six-figure fees. As a result, the team's form dipped and they lost nine of their next ten matches. The club was docked ten points by the Football League in February for issuing a notice of intention to appoint an administrator, which left Argyle bottom of the table.

Two weeks later, the club's directors put the club into administration. The team won six of their next 11 matches, but relegation to League Two was confirmed at the start of May in their penultimate match of the season. Argyle finished 23rd in the league table, having taken 42 points from 46 matches. They finished above Swindon Town, but were six points below Walsall, who stayed up on the last day of the season. Having been in negotiations over a takeover with interested parties, nine first team players out of contract at the end of June were released by the club. They included defenders Marcel Seip and Krisztián Timár, Scottish players Chris Clark, Steve MacLean and Jim Paterson, midfielders Anton Peterlin and Luke Summerfield, forward Rory Fallon and Karl Duguid. The only player to be offered a new contract was Frenchman Stéphane Zubar, while captain Carl Fletcher agreed to stay by taking up the option of a further 12 months on his deal. First year professional Ryan Leonard was also released, and among the apprentices that were allowed to leave was Matt Rickard, who made one appearance for the first team in 2010–11. In June, Yannick Bolasie was transferred to Bristol City, and Kári Árnason was released after refusing to sign a wage deferral.

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