Having made a triumphant return to the Southern League by winning the Western Section in the 1931-32 season, Yeovil travelled to Eastern section winners, Dartford in August 1932, only to lose again in the championship play-off by the two goals to one.

This defeat set the pattern for the 1932-33 season which, after the success of the previous season, was a little like "After the Lord Mayor's show". Yeovil dropped to fifth position in the Southern League (Western Section), but had more success in the London Combination, finishing in third place.

The season saw the introduction of the Southern League Cup, in an effort to create additional fixtures for the nineteen clubs remaining in the Southern League. In the Preliminary Round, Yeovil drew 2-2 against Bristol Rovers Reserves at Eastville, winning the replay 4-3. In round one, Yeovil defeated Bournemouth & Boscombe Reserves 4-1 at Huish, but went out in the next round, losing 1-3 to Somerset rivals, Bath City, again at Huish.

In the FA Cup, Yeovil turned the tables on Bath City, winning 4-2 at Twerton Park, they were drawn away in the First Round Proper and held Dartford to a 0-0 draw in Kent, Yeovil winning the replay 4-2. It was another away draw in round two, Yeovil going out of the competition at Chester City 1-2.

At the end of the 1932-33 season, manager David Pratt left the Club to manage Clapton Orient. It was through his influence and his many friends in the First Division, that teams such as Tottemham Hotspur, Leicester City, Arsenal, Wolves, Liverpool, Newcastle United and Sunderland visited Huish for friendly matches. Other notable visitors included the Czechoslovakian national side, who came to Somerset in April, 1933, only to lose by an incredible eight goals to three!

During the summer of 1933, the Club appointed Louis Page as player/manager. He had spent most of his playing career with Burnley, playing in the First Division. An International, he was one of the finest outside-lefts in the country and had set up an individual record by scoring seven goals in a league match against Birmingham City at St. Andrews.

The 1933 summer also saw the reorganisation of the Southern League. The number of participating clubs had dropped to only 19 in the two sections the previous season, and the lack of fixtures had become a problem. Three sections were created to replace the existing two - Eastern, Western and Central - with Yeovil competing in the latter two. Coinciding with this revision, the Club withdrew from the London Combination.

Yeovil finished fifth of eleven clubs in the Western Section and fourth of ten clubs in the Central Section, Plymouth Argyle Reserves winning both sections.

The cup competition proved a disaster for the club. In the Southern League Cup, Yeovil lost 5-1 to Plymouth Argyle Reserves at Home Park, whilst Bath City won 2-0 at Huish in the FA Cup, to inflict a defeat at the first hurdle for only the second time since the Club entered the competition.