| Club: | Rayo Vallecano |
| Season: | 2023–24 |
| Chrtitle: | President |
| Chairman: | Raúl Martín Presa |
| Mgrtitle: | Head coach |
| Manager: | Francisco (until 13 February) Iñigo Pérez (from 14 February) |
| Stadium: | Vallecas |
| League: | La Liga |
| League Result: | 17th |
| Cup1: | Copa del Rey |
| Cup1 Result: | Round of 16 |
| League Topscorer: | Álvaro García (6) |
| Season Topscorer: | Álvaro García (6) |
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| Prevseason: | 2022–23 |
| Nextseason: | 2024–25 |
The 2023–24 season was Rayo Vallecano's 100th season in existence and third consecutive season in La Liga. They also competed in the Copa del Rey.
| Player | Transferred from | Fee | Date | Source | ||
|---|---|---|---|---|---|---|
| Unattached | Free | [1] | ||||
| Unattached | Free | [2] | ||||
 Alavés | €2,500,000 | [3] | ||||
| Levante | €8,000,000 | [4] | ||||
| Levante | Undisclosed | [5] | ||||
| Huesca | €500,000 | [6] | ||||
| Real Valladolid | Loan return | |||||
 Fenerbahçe | Loan | [7] |
| Player | Transferred to | Fee | Date | Source | ||
|---|---|---|---|---|---|---|
| Released | [8] | |||||
| Released | [9] | |||||
| Released | ||||||
| Villarreal | Free | [10] | ||||
| Osasuna | Free | [11] | ||||
| Real Madrid | €5,000,000 | [12] | ||||
See main article: 2023–24 La Liga.
The league fixtures were unveiled on 22 June 2023.[13]
See main article: 2023–24 Copa del Rey.
Last updated on 7 October 2023.'|-! colspan=14 style=background:#dcdcdc; text-align:center|Goalkeepers|-! colspan=14 style=background:#dcdcdc; text-align:center|Defenders|-! colspan=14 style=background:#dcdcdc; text-align:center|Midfielders|-! colspan=14 style=background:#dcdcdc; text-align:center|Forwards|-! colspan=14 style=background:#dcdcdc; text-align:center|Players who have made an appearance this season but have left the club|-|}