The 1988–89 season was Atlético Madrid's 48th season since foundation in 1903 and the club's 42th season in La Liga, the top league of Spanish football. Atlético competed in La Liga, the Copa del Rey and UEFA Cup.
Summary.
In his second campaign as club President, Jesus Gil transferred several players out of the team such as Brazilian Midfielder Alemao to SSC Napoli after disagreements with him. Also Forward Julio Salinas moved to FC Barcelona, along with Midfielder Eusebio Sacristán. Meanwhile, new players arrived to the squad such as Brazilian Forward Baltazar, Brazilian Midfielder Donato, young strikers Manolo and Carlos Muñoz. After one year of rumours, the club finally appointed former Manchester United manager Ron Atkinson as its new head coach in October, winning his first game in charge 6–1 against Espanyol. However, President Jesus Gil sacked him after only three months and several disagreements with the British manager, then appointed his assistant manager Colin Addison who was fired in June. In spite of Baltazar clinching the La Liga topscorer trophy after scored 35 goals, the squad finished in a disappointing fourth place. 
The club in UEFA Cup was eliminated early after being defeated by FC Groningen on away goals. Also in Copa del Rey the squad after defeated RCD Español and FC Barcelona advanced to the semifinals stage only to lose the two legged series against archrivals Real Madrid.
Squad.