State Champions 1992.

Crvena Zvezda was the national champion for the third time in a row in 1992, for the second time in its rich history. The team's coach was the excellent Vladimir Vladica Popović, who also led the red and whites to a convincing triumph in Tokyo against the South American champion, the Chilean team Kolo Kolo (3:0), when Zvezda added the world crown to the European crown. In addition to Vladica Popović, the coaching staff also included big names: doctor Branko Nešović, fitness coach Predrag Stanojević, physiotherapist Miso Bukumirović... They managed to maintain a high level of preparation for each individual. The main and only competitor in the fight for the title was Partizan, and both championship derbies ended without a winner (2:2 at JNA, 0:0 at Marakana).

The 1991/92 championship began without clubs from Croatia and Slovenia, which had become independent states, and eventually clubs from Bosnia and Herzegovina also left the competition, so Crvena Zvezda in the last round, they did not visit Željezničar in Sarajevo. However, that match had no competitive significance, as Red Star had already secured its 20th championship title.

For the third time in a row, the championship's top scorer was Darko Pančev (28 matches - 25 goals), and Zvezda's golden generation that season also included aces such as: Dejan Savićević, Vladimir Jugović, Sinisa Mihajlović, Miodrag Belodedić, Ilija Najdoski, Duško Radinović... Vladan Lukić also had a good goal-scoring performance (13 matches - 7 goals).

It was the last season in which clubs from Bosnia and Herzegovina (with one exception) and Macedonia participated. It was also the last season of the football championship of the SFR Yugoslavia, as the championship of the SR Yugoslavia was formed from the following year. These republics declared independence in 1992, and due to the war in Bosnia, clubs from this country did not finish the season. Only Borac Banja Luka from Republika Srpska played the entire championship. The final appearance of the top of the table was as follows:

Crvena Zvezda 33 23 5 4 5 77:24 50
Partizan 33 21 10 4 2 59:18 46
Vojvodina 33 19 5 4 9 45:31 42
OFK Belgrade 33 19 8 3 6 62:36 41

In the ensuing turmoil due to the disintegration of the state and the football league, due to the escalating war in the territory of Yugoslavia, which quickly disappeared as a common state of all peoples and nationalities, by the nature of things, the Red Star championship team also quickly disappeared, having previously reached the highest heights in the history of Yugoslav football.