| Competition: | Hong Kong First Division |
| Season: | 1991–92 |
| Winners: | South China |
| Relegated: | HKFC Police |
| Matches: | 90 |
| Total Goals: | 325 |
| Prevseason: | 1990–91 |
| Nextseason: | 1992–93 |
The 1991–92 Hong Kong First Division League season was the 81st since its establishment.