The 1974–75 season was Sport Lisboa e Benfica's 71st season in existence and the club's 41st consecutive season in the top flight of Portuguese football, covering the period from 1 July 1974 to 30 June 1975. Benfica competed domestically in the Primeira Divisão and the Taça de Portugal, and participated in the European Cup Winners' Cup after being runners-up in the 1974 Taça de Portugal Final.

After failing to retain the title in the past season, manager Fernando Cabrita was replaced by Milorad Pavić. With almost no signings in the transfer market, Benfica biggest departures were Rui Rodrigues and Zeca. After a lengthy pre-season, Benfica started their campaign with two victories against Belenenses and Farense. They dropped points in the third week, before winning the following two matches, reaching first place. In October, they drew with Boavista and lost at home to Porto, falling to third place. Four consecutive wins followed, until three draws in December cost them first place. Benfica lapped the first part of the season with a three-point deficit to Porto, but managed recover that in January. A draw in early February, with Académica de Coimbra stopped them, but the team reacted with five consecutive wins, opening a five-point lead by mid March. Benfica was then knocked out of the Cup Winners' Cup by PSV Eindhoven and lost for the league with Vitória de Setúbal, cutting their advantage to three-points. Nonetheless, in early May, Benfica confirmed their 21st league title, their 12th since 1960.

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