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The 1991–92 Alpenliga season was the first season of the Alpenliga, a multi-national ice hockey league. The league was split into Group A and Group B. 20 teams participated in the league, and HC Devils Milano of Italy won the championship.
Regular season
Group A
| Place | Team | GP | Pts | W | L | TVH | +/- |
|---|---|---|---|---|---|---|---|
| 1 |  Italy HC Milan |
18 | 32 | 16 | 2 | 102:56 | +46 |
| 2 |  Austria EC VSV |
18 | 28 | 14 | 4 | 104:62 | +42 |
| 3 | Austria EV Innsbruck |
18 | 26 | 13 | 5 | 85:70 | +15 |
| 4 | Italy HC Varese |
18 | 22 | 11 | 7 | 76:70 | +6 |
| 5 | Austria Wiener EV |
18 | 20 | 10 | 8 | 80:59 | +21 |
| 6 | Austria EK Zell am See |
18 | 18 | 9 | 9 | 70:80 | -10 |
| 7 |  Slovenia Olimpija |
18 | 12 | 6 | 12 | 79:75 | +4 |
| 8 | Italy SHC Fassa |
18 | 12 | 6 | 12 | 80:93 | -13 |
| 9 | Italy HC Pustertal |
18 | 8 | 4 | 14 | 76:103 | -27 |
| 10 | Italy HC Fiemme |
18 | 2 | 1 | 17 | 51:135 | -84 |
Group B
| Place | Team | GP | Pts | W | L | TVH | +/- |
|---|---|---|---|---|---|---|---|
| 1 | Italy Devils Milano |
18 | 36 | 18 | 0 | 144:46 | +98 |
| 2 | Italy HC Bolzano |
18 | 24 | 12 | 6 | 114:67 | +47 |
| 3 | Italy Asiago Hockey |
18 | 24 | 12 | 6 | 114:73 | +41 |
| 4 | Austria Kac |
18 | 22 | 11 | 7 | 85:79 | +6 |
| 5 | Italy Alleghe |
18 | 18 | 9 | 9 | 109:95 | +14 |
| 6 | Slovenia Jesenice |
18 | 18 | 9 | 9 | 104:95 | +9 |
| 7 | Austria Graz |
18 | 18 | 9 | 9 | 90:86 | +4 |
| 8 | Austria VEU Feldkirch |
18 | 12 | 6 | 12 | 79:89 | -10 |
| 9 | Slovenia Bled |
18 | 6 | 3 | 15 | 52:114 | -62 |
| 10 | Italy USG Zoldo |
18 | 2 | 1 | 17 | 48:195 | -147 |
Play-offs
Semi-finals
- Milan (A1) – HC Bolzano (B2): 3:4 (0:0, 2:2, 1:2)
- HC Devils Milano (B1) – VSV (A2): 4:2 (1:2, 2:0, 1:0)
3rd place
- HC Milan (A1) – VSV (A2): 5:6 n.V. (2:0, 1:2, 2:3, 0:1)
Final
- Devils Milano (B1) – HC Bolzano (B2): 8:0 (2:0, 3:0, 3:0)