The 1975–76 season was Sport Lisboa e Benfica's 72nd season in existence and the club's 42nd consecutive season in the top flight of Portuguese football, covering the period from 1 July 1975 to 30 June 1976. Benfica competed domestically in the Primeira Divisão and the Taça de Portugal, and participated in the European Cup after winning the previous league.

In the midst of the PREC, Benfica changes managers, with Milorad Pavić leaving for Mário Wilson. In the transfer window, Benfica lost several historic players, notably Eusébio, António Simões, Adolfo Calisto, Artur Jorge and Jaime Graça. With almost no new signings, Benfica campaign started with a home draw against Boavista, which would become his main rival all season. They reached an isolated first place by early October, only to lose after a defeat against Belenenses. Still, they remained in first, ex aequo with other teams, until they drew in Braga and were overtaken by Boavista. Meanwhile, in Europe, the opening rounds of the European Cup saw Benfica defeat Fenerbahçe by 7–1 on aggregate, and Újpesti Dózsa by 6–5 after a tight match in Hungary. In the Primeira Divisão, Benfica lapped the first half of the season with a point less than Boavista. After defeating them on match-day 16, Benfica regained the lead, but only briefly, as they lost it two weeks later, when Leixões beat them. Both teams remained at the front, until Boavista conceded two consecutive losses in March and gave Benfica a four-point lead. Despite that, March also cost Benfica competitions, with the European Cup falling after a 5–1 loss Bayern Munich and the Portuguese Cup to a one-nil loss to Sporting. Benfica won the following matches in April and celebrated their back-to-back league title on 10 May, the club's 22nd.

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