In the 1970–71 season Panathinaikos played for 12th consecutive time in Greece's top division, the Alpha Ethniki. They also competed in the European Cup, being the finalists, and the Greek Cup
It was Panathinaikos' ninth Greek Cup final and second consecutive in their 60 years of existence and Olympiacos' fifteenth Greek Cup final in their 43-year history. [1 ]