The 1972 Watney Cup was the third edition of the Watney Mann Invitation Cup, a short-lived invitational association football tournament.
It was won by Bristol Rovers, who beat Sheffield United in the final at Eastville.
The Watney Cup was introduced in 1970 to help increase the competitiveness of pre-season fixtures. Its name was a result of a sponsorship from brewing company Watney Combe & Reid. The tournament featured eight invited teams, with two selected from each division of the Football League. Those chosen to participate were the top two highest scoring teams from each division who had not gained promotion nor earned a place in a European competition the previous season.
The competition was a straight knockout tournament. In continuation from the second edition of the Watney Cup, games that ended level proceeded straight to penalties. In the inaugural edition, an additional 30 minutes of extra time was played to determine a winner prior to a penalty shoot-out.