The season started with a stylish 5–2 victory over Barnsley in front of a disappointingly low attendance of under 10,000. Two defeats followed, and Albert Pynegar put in a transfer request after being dropped from the first team. Bob Connelly picked up an injury and so Jack Round was signed from Bolton Wanderers. On 20 September they travelled to Goodison Park to triumph over previously undefeated league leaders Everton 3–2 in front of 27,142 spectators. Two days later they tore Bradford Park Avenue apart 8–2, with a four goal haul from Sam Jennings. On 4 October they travelled to Home Park, where they lost 2–1 to Plymouth Argyle; later in the day a horrific tragedy almost killed many of the Vale players – they had hired a speedboat at Devon resort which burst into flames whilst at sea, fortunately the pilot managed to extinguish the flames and returned them safely to harbour.
As the season entered its final stretch top scorer Jennings was dropped from the squad, and no adequate replacement was found until Stewart Littlewood was re-signed from Oldham Athletic, with Fishwick sold to Tranmere Rovers in order to meet Oldham's demands. In early April the "Valiants" beat high-flying West Bromwich Albion and Tottenham Hotspur, thereby keeping hopes of promotion high. West Brom won the return leg at The Hawthorns to put daylight between the two clubs. In late April Vale travelled to the Netherlands for a short tour, beating Dutch Southern XI 5–1 and Zwaluwen 2–0.
They finished fifth with 47 points, making it the most successful season in the club's history in terms of league position. They were seven points short of second placed West Bromwich Albion. Only 61 goals were conceded, a record bettered only by West Brom and Spurs. A 67 goals scored tally however was almost half that of champions Everton. Sam Jennings finished with 17 goals, and Phil Griffiths and Harry Roberts were the only other major contributors. The ground improvements paid for were 3,500 seats on the Bryan Street stand, with a covered terrace.
In the FA Cup, Vale overcame amateur side Corinthians 3–1 in the Third Round, but then found themselves eliminated by First Division Birmingham at St Andrew's in the Fourth Round. The 44,119 attendance raised £2,763 for the club.