Club Universitario de Deportes 1972 season was the club's 48th year of existence, the 105th year in professional football and the 50th in the top level of professional football in Peru. This season was marked by the club being runners-up in the annual Torneo Descentralizado as well as the club being the only Peruvian club to make the finals of a Copa Libertadores as of .
Due to the club's performance in their 1971 season, they would qualify for the 1972 Copa Libertadores.