The season opened with a 1–0 defeat to Mansfield Town.Tommy Gore soon announced his retirement due to a neck injury. The Vale then went five games unbeaten, as the club announced a new five year shirt sponsorship deal with Trentham firm Eagle Delivery Service. Young winger Ray Walker also arrived on loan from Aston Villa. The fans chanted 'what a load of rubbish' on 1 October, as Vale lost 3–0 at home to struggling side Northampton Town. Rudge stated that 'In truth we were rubbish' and promptly cancelled the player's day off. Another five game unbeaten run followed, as Brown showed his 'class' and Walker impressed. On 5 November, Eamonn O'Keefe scored a 'brilliant' hat-trick past Southend United in a 4–1 win. Rudge then signed Stockport County's outside-right Oshor Williams for £7,000. Vale's form then suffered after Walker returned to Villa Park. To remedy this Rudge signed Southend United midfielder Billy Kellock, who made 'a stunning impact' in his debut, playing a key part in the 5–1 victory over Exeter City on New Year's Day. This was the first of a sixteen game unbeaten run, in which the team equalled a club-record six straight away draws between 19 January and 29 March.
On 2 February, Robbie Earle scored a hat-trick past Hereford United. Striker partner Ally Brown claimed "He is my brains and I am his legs". John Rudge received the Manager of the Month award for February. The next month Barry Siddall joined Stoke City on a free transfer, after Chris Pearce had established himself as the Vale's #1.Wayne Cegielski also signed with Blackpool and Eamonn O'Keefe followed him to Bloomfield Road for a £10,000 fee. Five victories in the opening six games of April took Vale sliding down the league, as Brown was out with a knee injury. Vale rallied to go through the final five games unbeaten.
They finished in twelfth place with sixty points, winning and losing fourteen games. Between them Brown and Earle racked up a combined total of forty goals in all competitions. Yet it was Russell Bromage who was selected for the PFAFourth Division team.
On the financial side, a loss was made of £7,793 due to a 20% drop in attendance figures. The wage bill stood at £389,341, whilst gate receipts took in £128,954 and the lottery raised £191,000. The club's shirt sponsors were EDS. Five players left on free transfers, most significant were the departures of: Terry Armstrong and Derek Monaghan (retired); Colin Tartt (Shepshed Charterhouse); and Ian Griffiths (Wigan Athletic). Billy Kellock also refused terms, and so joined Halifax Town, whilst John Ridley joined Stafford Rangers as a player-coach. Vale received £700 following a tribunal claim, becoming the first Football League club to take a non-league club to a tribunal.