After five season of success including back to back League titles and finishing 3rd in the League three times, the 1933-1934 season is a big disappointment.  Manager Bob Brown's wife dies in 1933 and his health deteriorates, leading him to resign six matches into the season.  Brown's No.2 J.B. McClelland takes over as caretaker manager but Wednesday win only two of his eleven matches in charge and are in the bottom four when Billy Walker is appointed manager.  Results immediately improve and a club record seventeen match unbeaten run in all competitions sees Wedneday in 7th place.  They climb to 5th by mid March, but a poor run to the end of the season, Wednesday winning twice in eight matches results in a mid-table finish.

In the FA Cup Wednesday beat local rivals 3rd Division Rotherham United in the 3rd round before disposing of 2nd Division Oldham Athletic in the 4th round after a replay.  Wednesday draw 2-2 at home to Manchester City in the 5th round, the attendance being a club record 72,841, before losing the replay at Maine Road.  City go on to win the FA Cup for the second time.