The season started with Vale in fine form, winning their first four games. His four goals meant Constantine was named the division's Player of the Month for August. This run came to a halt with four defeats in the next five games, Vale scoring just three goals. In November, Ross Gardner was signed on loan from Nottingham Forest, and would join permanently in the January transfer window. Foyle also signed defender Clayton Fortune on a season long loan for a second time, this time from Leyton Orient. Heading into December with just three wins in fifteen league games, they won their first four games, with Constantine hitting five of Vale's nine goals. In January, Foyle splashed out £30,000 on Crewe Alexandra striker Luke Rodgers. He also signed former teammate Paul Musselwhite as an emergency back-up goalkeeper following an injury to Mark Goodlad, as well as Cardiff City midfielder Malvin Kamara. He also turned down an offer from Barnsley of £200,000 (plus Marc Richards) for Constantine, who claimed to be happy at Vale Park. However he did sell skilful winger Jeff Smith to Carlisle United for £60,000. Also leaving Burslem was Louis Briscoe, who was allowed to join Leek Town. Vale's form had left them once again, as they failed to pick up a win in a sequence of seven games. In February, defender Rhys Weston joined on a short-term contract, having left Norwegian club Viking FK. On 10 March, Vale travelled to the Don Valley Stadium, and Sodje managed to hit four goals past the Rotherham United defence to give Vale a 5–1 win. This gave Vale fans a sliver of hope of reaching the play-offs, but Vale failed to string two wins together in their final nine games, despite a 3–0 win over nearby Crewe Alexandra.
They finished in twelfth place with sixty points, a clear distance from both the play-off and the relegation zones. They again had the lowest numbers of draws in the division, recording just six stalemates. Constantine was the second-highest scorer in the division after Billy Sharp of Scunthorpe United. Player of the Year Sodje also hit sixteen goals. Captain George Pilkington and midfielder Danny Whitaker missed just two games between them all season.
In the League Cup, Vale faced Preston North End, who they defeated with goals from Sodje and Constantine. The "Valiants" then vanquished Queens Park Rangers 3–2 in the Second Round. This left them facing Norwich City, the third Championship club of the season to travel to Burslem in the League Cup. Vale against upset the odds by winning the penalty shoot-out 3–2 following a goalless draw against a strong "Canary" side.Premier LeagueTottenham Hotspur awaited in the Fourth Round, who at White Hart Lane proved to be too much of a challenge for the Vale. Constantine put Vale into the lead, but a Tom Huddlestone goal took the game into extra-time, before both Huddlestone and Jermain Defoe scored to give "Spurs" a 3–1 win, thus saving Martin Jol's blushes. This represented the club's greatest achievement in the competition, as Vale had never reached the Fourth Round before.
In the League Trophy, Vale advanced past Scunthorpe United after winning on penalties at Glanford Park. They then had a home tie with local rivals Crewe Alexandra. The "Railwaymen" won the game 3–2 despite a brace from Constantine.