Rangers won the Premier Division with a record 87 points, finishing four ahead of rivals Celtic. Aberdeen were third with 55 points (on goal difference).
Falkirk were relegated after finishing bottom. Partick Thistle were relegated via the play-offs, losing 3–2 on aggregate to Dundee United, who returned to the Premier Division at the first attempt. This was the only occasion on which this short-lived play-off system relegated a team from the Premier Division.
Rangers qualified for the European Cup, with Celtic and Aberdeen making it into the UEFA Cup. All three clubs entered at the qualifying round stage.
Rangers recorded the biggest win of the campaign with a 7–0 home win over Hibernian, with Gordon Durie scoring four times. Incredibly, Hibs had won 1–0 at Ibrox just three months earlier, and Hearts won 3–0 there just three weeks after the 7–0 match.
Celtic went 31 games unbeaten, from 4 October to the end of the season. Motherwell had the best winning run with five consecutive successes, while Falkirk lost eight in a row.
Meadowbank Thistle, who had been relegated from the Second Division, were renamed Livingston to reflect their relocation from Edinburgh to Livingston for this season. The renamed club ended the season as Third Division champions.
Scotland recorded home wins over Greece, Finland and San Marino between August and November in the European Championship qualifiers to secure qualification, keeping a clean sheet in each match. The final three friendly matches before Euro 96 were lost, including two just two weeks before the first match.
Going into the final match at Villa Park, Scotland had to beat Switzerland and hope that England beat the Netherlands, while also needing a five-goal swing in their favour. A goal by Ally McCoist put Scotland on their way to a 1–0 victory and with England leading 4–0 against the Dutch, Scotland were going through. But Patrick Kluivert scored a 78th-minute goal against England, which was enough to send Craig Brown's squad out of the tournament on goals scored (goal difference was tied).
^The 1945–46 competition was not competed for by all clubs, owing to wartime restrictions, and does not usually count towards official records, often being referred to as the 'Southern League Cup'. However, Aberdeen include it on their honour roll.