Rangers played a total of 56 competitive matches during the 2000–01 season.
Rangers went into the season looking to clinch a third consecutiveScottish Premier League title, as well as trying to successfully defend theScottish Cup, win theLeague Cup and make an impact in theUEFA Champions League. Despite further heavy investment in the team, which included paying a £12 million fee for strikerTore André Flo in November, Rangers were unable to win the title and finished the season without winning any trophies.
Despite a good start to the season, a 6–2 loss againstCeltic in the firstOld Firm derby saw the beginning of inconsistent league form for Rangers throughout the rest of the season, including a 3–0 loss at home toKilmarnock. The loss to Kilmarnock brought a conflict between club captainLorenzo Amoruso and managerDick Advocaat to a head, resulting in Amoruso being stripped of the captaincy and 22-year-oldBarry Ferguson being given the arm band. A 5–1 victory over Celtic in November gave hope for revival but Rangers were unable to put up any serious challenge and finished the season 15 points off top spot.
In the domestic cup competitions Rangers lost 3–1 to Celtic in the semi-finals of the League Cup and also surrendered their Scottish Cup crown with a 1–0 loss away toDundee Utd.
In Europe, Rangers qualified for the group stages of theUEFA Champions League for the second consecutive time after two qualifying rounds and were drawn alongsideSturm Graz,Galatasaray andAS Monaco. Rangers made a good start to the group with six points from two matches, including a 5–0 win at home to Sturm Graz and 1–0 win away to Monaco. However, they only picked up two points from the remaining four games and failed to qualify for the next phase of the competition, finishing third and therefore dropping into theUEFA Cup. The last match at home to Monaco saw Rangers leading 2-1 which would have seen them go through but a late Monaco goal denied Rangers a place in the next round. In the UEFA Cup Rangers drewKaiserslautern and despite winning the first leg 1–0 at home, they exited European competition before Christmas after a 3–0 loss in Germany.