25 matches: 17 wins, 7 losses, 1 draw
Top point scorer: Greg Alexander – 170 [13 tries, 59 goals]
Top try scorer: Alan McIndoe – 14
Player of the year: Greg Alexander
Former player Phil Gould returned to the club when appointed as the new coach to replace Ron Willey.
In the pre-season Challenge 10 Cup, the Panthers made the final but would lose to the Raiders in the final.
In the regular season, Penrith continued to assert themselves as one of the premiership heavyweights, recording 15 wins and finishing third behind Canberra and Brisbane.
The finals series would be history making for the club – in the first week qualifying final versus Brisbane, the Panthers produced a near perfect first half on their way to a 26-16 win, and thus winning their first ever finals match. The following week, they would kick a late conversion to force a 12-all draw versus Canberra and then score three tries in extra time to qualify for their maiden grand final appearance. Canberra would end up joining them as the other team to qualify for the big one.
The Panthers fought back from a 12-0 deficit to claw back to 12-10 early in the second half with tries to Brad Fittler and then Paul Smith, with the Raiders then pushing it out to an eight point lead. A third Penrith try to Greg Alexander reduced it to four points late in the match but were unable to further bridge the gap and Canberra won their second premiership. The Panthers were far from disgraced against the defending premiers and received a rousing reception when they arrived back in Penrith later that evening.
Four Panthers would be selected for the end of season Kangaroo Tour – Greg Alexander, John Cartwright, Brad Fittler and Mark Geyer.
The grand final would also be the last of the ‘chocolate soldiers’ brown and white, with a bold new look to arrive in 1991.