| Competition: | Prva savezna liga |
| Season: | 1967 - 68 |
| Winners: | Red Star (8th title) |
| Relegated: | None |
| Continentalcup1: | European Cup |
| Continentalcup1 Qualifiers: | Red Star |
| Continentalcup2: | Cup Winners' Cup |
| Continentalcup2 Qualifiers: | Bor |
| Continentalcup3: | Inter-Cities Fairs Cup |
| Continentalcup3 Qualifiers: | Dinamo Zagreb Olimpija Vojvodina OFK Belgrade |
| League Topscorer: | Slobodan Santrač (22) |
| Prevseason: | 1966–67 |
| Nextseason: | 1968–69 |
The 1967–68 Yugoslav First League season was the 22nd season of the First Federal League (sh|Prva savezna liga), the top level association football league of SFR Yugoslavia, since its establishment in 1946. Sixteen teams contested the competition, with Red Star winning their eighth national title.
At the end of the previous season Sutjeska and Čelik were relegated. They were replaced by Proleter Zrenjanin and Maribor.
| Team | Location | Position in 1966–67 | |
|---|---|---|---|
| Dinamo Zagreb | Zagreb | 2nd | |
| Hajduk Split | Split | 7th | |
| Maribor | Maribor | ||
| OFK Belgrade | Belgrade | 13th | |
| Olimpija | Ljubljana | 14th | |
| Partizan | Belgrade | 3rd | |
| Proleter Zrenjanin | Zrenjanin | ||
| Radnički Niš | Niš | 9th | |
| Red Star | Belgrade | 5th | |
| Rijeka | Rijeka | 11th | |
| Sarajevo | Sarajevo | 1st | |
| Vardar | Skopje | 8th | |
| Velež | Mostar | 10th | |
| Vojvodina | Novi Sad | 4th | |
| NK Zagreb | Zagreb | 12th | |
| Željezničar | Sarajevo | 6th | |
No team was relegated to Second League at the end of this season in order to increase the number of First League participating teams to 18 beginning with the 1968–69 campaign.