Wednesday are relegated to the 2nd Division (Tier 2) for the 1st time in their history.

In a season of turmoil for Wednesday, they find themselves fighting relegation and under notice to quit Olive Grove, the lease expiring in September 1898.  It was not until April 1899 that a deal was signed to buy a site at High Bridge, Owlerton by which time their relegation is confirmed.  Although Wednesday get off to a reasonable start, a run of one win in seventeen matches sees them drop into the relegation zone in early February.  They never recover and finish rock bottom, five points behind Sheffield United in 16th place.  Wednesday fail to win a single away match and drop sixteen points at home.

In the FA Cup, Wednesday are knocked out in the 1st round by Stoke City after a replay.