The 2007–08 Edmonton Oilers season began on October 4, 2007. It was the Oilers' 36th season and the 29th of which it has been participating in the National Hockey League (NHL). This season also marks the debut of the Edmonton Oil Kings, a Western Hockey League expansion team purchased by the Oilers after the team spent several years attempting to buy and relocate any existing WHL team to Edmonton. The team would miss the playoffs for the second year in a row for the first time since the 1994–95 season and the 1995–96 season.

2007 off-season With major rebuilding necessary, the Oilers began the NHL free agency period on July 1, trading Joffrey Lupul and Jason Smith to the Philadelphia Flyers for defencemen Joni Pitkanen, left winger Geoff Sanderson and a third-round pick in the 2009 NHL entry draft.

Petr Sykora, having become a free agent, left the Oilers franchise and signed with the Pittsburgh Penguins. Jan Hejda, also a free agent, left for the Columbus Blue Jackets.

The Oilers made a call to Ryan Smyth's agent early in the morning on July 1 stating they were interested in making an offer. Smyth wound up signing with the Colorado Avalanche.

Goaltender Mathieu Garon was signed on July 3, 2007, as the backup to Dwayne Roloson.

It has also been reported that the Oilers had agreed to a contract with free agent Michael Nylander through his agent. While the Oilers were expecting a signed contract from Nylander and his agent, they later found out that he had signed with the Washington Capitals instead. The Oilers are currently pursuing their legal options on the matter.

Matt Greene and Raffi Torres signed two- and three-year contracts, respectfully.

On July 5, the Oilers offered restricted free agent Thomas Vanek from the Buffalo Sabres a seven-year contract worth $50 million. The Buffalo Sabres quickly matched the Oilers offer.

On July 12, the Oilers signed unrestricted free agent Sheldon Souray to a five-year, $27 million deal.

On July 20, the Oilers signed Newly acquired defenceman Joni Pitkanen to a one-year, $2.4 million deal.

On July 26, the Oilers offered Anaheim Ducks forward Dustin Penner, a restricted free agent $21.25 million over five years; this is the second restricted free agent the Oilers have attempted to sign this off-season. The Ducks declined to match the offer, officially making Penner an Oiler.

On October 2, 2007, the Oilers announced Ethan Moreau as the 15th captain in team history.

2007–08 regular season On February 19, 2008, Denis Grebeshkov scored the Oilers' 8,000th goal in franchise history.

On February 26, 2008, the Edmonton Oilers set a new NHL record for 13 shootout wins in a season, previously held by the Dallas Stars, at 12 wins. Oilers goaltender Mathieu Garon has stopped 30 of 32 shots and is 10–0 in shootouts.

On March 4, 2008, Gilbert surpassed Paul Coffey and Marc-Andre Bergeron for the Oilers' franchise record for most goals scored by a rookie defencemen with his tenth goal on the power play against the Nashville Predators goaltender Dan Ellis.

On March 18, 2008, the Oilers scored eight goals for the first time in five years in an 8–4 win over the Phoenix Coyotes.

The Oilers failed to qualify for the playoffs for the second consecutive season.

Regular season

Divisional standings

Conference standings

Schedule and results

| 1 || October 4 || San Jose Sharks || 2 – 3 || Edmonton Oilers || SO || Roloson || 16,839 || 1–0–0 || 2 ||

| 2 || October 6 || Philadelphia Flyers || 3 – 5 || Edmonton Oilers || || Garon || 16,839 || 2–0–0 || 4 ||

| 3 || October 8 || Edmonton Oilers || 2 – 4 || Detroit Red Wings || || Roloson || 16,913 || 2–1–0 || 4 ||

| 4 || October 10 || Edmonton Oilers || 0 – 2 || Minnesota Wild || || Roloson || 18,568|| 2–2–0 || 4 ||

| 5 || October 12 || Vancouver Canucks || 5 – 2 || Edmonton Oilers || || Garon || 16,839 || 2–3–0 || 4 ||

| 6 || October 13 || Edmonton Oilers || 1 – 4 || Vancouver Canucks || || Roloson || 18,630 || 2–4–0 || 4 ||

| 7 || October 18 || Edmonton Oilers || 4 – 2 || Phoenix Coyotes || || Roloson || 10,448 || 3–4–0 || 6 ||

| 8 || October 20 || Edmonton Oilers || 1 – 4 || Calgary Flames || || Roloson || 19,289 || 3–5–0 || 6 ||

| 9 || October 23 || Colorado Avalanche || 4 – 2 || Edmonton Oilers || || Roloson || 16,839 || 3–6–0 || 6 ||

| 10 || October 25 || Minnesota Wild || 4 – 5 || Edmonton Oilers || SO || Roloson || 16,839 || 4–6–0 || 8 ||

| 11 || October 27 || Edmonton Oilers || 1 – 4 || Los Angeles Kings || || Roloson || 16,173 || 4–7–0 || 8 ||

| 12 || October 28 || Edmonton Oilers || 3 – 2 || Anaheim Ducks || SO || Garon || 17,174 || 5–7–0 || 10 ||

| 13 || October 30 || Detroit Red Wings || 2 – 1 || Edmonton Oilers || || Roloson || 16,839 || 5–8–0 || 10 ||

| 14 || November 2 || Nashville Predators || 4 – 1 || Edmonton Oilers || || Garon || 16,839 || 5–9–0 || 10 ||

| 15 || November 5 || Edmonton Oilers || 2 – 5 || Minnesota Wild || || Roloson || 18,568 || 5–10–0 || 10 ||

| 16 || November 7 || Edmonton Oilers || 3 – 4 || Colorado Avalanche || SO || Roloson || 15,877 || 5–10–1 || 11 ||

| 17 || November 10 || Edmonton Oilers || 4 – 2 || Calgary Flames || || Garon || 19,289 || 6–10–1 || 13 ||

| 18 || November 14 || Edmonton Oilers || 1 – 0 || Vancouver Canucks || SO || Garon || 18,630 || 7–10–1 || 15 ||

| 19 || November 15 || Minnesota Wild || 4 – 2 || Edmonton Oilers || || Roloson || 16,839 || 7–11–1 || 15 ||

| 20 || November 17 || Calgary Flames || 3 – 1 || Edmonton Oilers || || Garon || 16,839 || 7–12–1 || 15 ||

| 21 || November 20 || Vancouver Canucks || 4 – 5 || Edmonton Oilers || SO || Garon || 16,839 || 8–12–1 || 17 ||

| 22 || November 22 || Colorado Avalanche || 3 – 2 || Edmonton Oilers || || Garon || 16,839 || 8–13–1 || 17 ||

| 23 || November 24 || Chicago Blackhawks || 2 – 3 || Edmonton Oilers || SO || Roloson || 16,839 || 9–13–1 || 19 ||

| 24 || November 26 || Columbus Blue Jackets || 1 – 3 || Edmonton Oilers || || Roloson || 16,839 || 10–13–1 || 21 ||

| 25 || November 28 || Edmonton Oilers || 2 – 4 || Colorado Avalanche || || Roloson || 15,128 || 10–14–1 || 21 ||

| 26 || November 30 || Anaheim Ducks || 1 – 5 || Edmonton Oilers || || Roloson || 16,839 || 11–14–1 || 23 ||

| 27 || December 2 || Edmonton Oilers || 4 – 0 || Anaheim Ducks || || Garon || 17,174 || 12–14–1 || 25 ||

| 28 || December 3 || Edmonton Oilers || 4 – 3 || Los Angeles Kings || SO || Garon || 14,193 || 13–14–1 || 27 ||

| 29 || December 5 || Pittsburgh Penguins || 4 – 2 || Edmonton Oilers || || Roloson || 16,839 || 13–15–1 || 27 ||

| 30 || December 7 || St. Louis Blues || 4 – 3 || Edmonton Oilers || || Garon || 16,839 || 13–16–1 || 27 ||

| 31 || December 10 || Edmonton Oilers || 4 – 5 || Dallas Stars || OT || Garon || 17,833 || 13–16–2 || 28 ||

| 32 || December 11 || Edmonton Oilers || 5 – 4 || St. Louis Blues || SO || Garon || 14,329 || 14–16–2 || 30 ||

| 33 || December 13 || Edmonton Oilers || 4 – 3 || Detroit Red Wings || SO || Roloson || 18,859 || 15–16–2 || 32 ||

| 34 || December 15 || Vancouver Canucks || 1 – 2 || Edmonton Oilers || SO || Garon || 16,839 || 16–16–2 || 34 ||

| 35 || December 18 || Dallas Stars || 2 – 1 || Edmonton Oilers || SO || Roloson || 16,839 || 16–16–3 || 35 ||

| 36 || December 21 || New Jersey Devils || 3 – 1 || Edmonton Oilers || || Garon || 16,839 || 16–17–3 || 35 ||

| 37 || December 23 || Edmonton Oilers || 2 – 3 || Chicago Blackhawks || || Garon || 20,151 || 16–18–3 || 35 ||

| 38 || December 27 || Anaheim Ducks || 2 – 1 || Edmonton Oilers || || Garon || 16,839 || 16–19–3 || 35 ||

| 39 || December 29 || Edmonton Oilers || 4 – 5 || Minnesota Wild || OT || Roloson || 18,568 || 16–19–4 || 36 ||

| 40 || December 31 || Edmonton Oilers || 2 – 4 || Columbus Blue Jackets || || Garon || 16,774 || 16–20–4 || 36 ||

| 41 || January 2 || Edmonton Oilers || 3 – 2 || St. Louis Blues || OT || Garon || 14,465 || 17–20–4 || 38 ||

| 42 || January 3 || Edmonton Oilers || 2 – 5 || Nashville Predators || || Garon || 12,676 || 17–21–4 || 38 ||

| 43 || January 5 || New York Rangers || 2 – 3 || Edmonton Oilers || SO || Garon || 16,839 || 18–21–4 || 40 ||

| 44 || January 7 || New York Islanders || 0 – 4 || Edmonton Oilers || || Garon || 16,839 || 19–21–4 || 42 ||

| 45 || January 10 || Phoenix Coyotes || 2 – 5 || Edmonton Oilers || || Garon || 16,839 || 20–21–4 || 44 ||

| 46 || January 13 || Calgary Flames || 1 – 2 || Edmonton Oilers || || Garon || 16,839 || 21–21–4 || 46 ||

| 47 || January 15 || Los Angeles Kings || 3 – 1 || Edmonton Oilers || || Garon || 16,839 || 21–22–4 || 46 ||

| 48 || January 17 || Edmonton Oilers || 4 – 5 || Washington Capitals || SO || Roloson || 13,399 || 21–22–5 || 47 ||

| 49 || January 18 || Edmonton Oilers || 2 – 7 || Carolina Hurricanes || || Garon || 16,868 || 21–23–5 || 47 ||

| 50 || January 20 || Edmonton Oilers || 4 – 2 || Atlanta Thrashers || || Roloson || 16,683 || 22–23–5 || 49 ||

| 51 || January 22 || Edmonton Oilers || 3 – 4 || Tampa Bay Lightning || || Roloson || 16,799 || 22–24–5 || 49 ||

| 52 || January 24 || Edmonton Oilers || 4 – 3 || Florida Panthers || SO || Garon || 12,322 || 23–24–5 || 51 ||

| 53 || January 29 || San Jose Sharks || 3 – 0 || Edmonton Oilers || || Garon || 16,839 || 23–25–5 || 51 ||

| 54 || February 1 || Dallas Stars || 4 – 1 || Edmonton Oilers || || Roloson || 16,839 || 23–26–5 || 51 ||

| 55 || February 4 || Calgary Flames || 0 – 5 || Edmonton Oilers || || Garon || 16,839 || 24–26–5 || 53 ||

| 56 || February 6 || Chicago Blackhawks || 1 – 4 || Edmonton Oilers || || Garon || 16,839 || 25–26–5 || 55 ||

| 57 || February 9 || Edmonton Oilers || 1 – 4 || Calgary Flames || || Garon || 19,289 || 25–27–5 || 55 ||

| 58 || February 12 || Minnesota Wild || 2 – 4 || Edmonton Oilers || || Garon || 16,839 || 26–27–5 || 57 ||

| 59 || February 14 || Edmonton Oilers || 3 – 2 || San Jose Sharks || || Garon || 17,496 || 27–27–5 || 59 ||

| 60 || February 16 || Edmonton Oilers || 2 – 4 || Vancouver Canucks || || Garon || 18,630 || 27–28–5 || 59 ||

| 61 || February 19 || Edmonton Oilers || 4 – 5 || Nashville Predators || || Garon || 13,466 || 27–29–5 || 59 ||

| 62 || February 22 || Edmonton Oilers || 2 – 5 || Dallas Stars || || Garon || 18,564 || 27–30–5 || 59 ||

| 63 || February 24 || Colorado Avalanche || 2 – 3 || Edmonton Oilers || || Garon || 16,839 || 28–30–5 || 61 ||

| 64 || February 26 || Detroit Red Wings || 3 – 4 || Edmonton Oilers || SO || Garon || 16,839 || 29–30–5 || 63 ||

| 65 || February 28 || Los Angeles Kings || 4 – 5 || Edmonton Oilers || || Garon || 16,839 || 30–30–5 || 65 ||

| 66 || March 2 || Columbus Blue Jackets || 3 – 4 || Edmonton Oilers || SO || Garon || 16,839 || 31–30–5 || 67 ||

| 67 || March 4 || Nashville Predators || 5 – 1 || Edmonton Oilers || || Garon || 16,839 || 31–31–5 || 67 ||

| 68 || March 7 || Edmonton Oilers || 2 – 1 || Columbus Blue Jackets || OT || Garon || 17,289 || 32–31–5 || 69 ||

| 69 || March 9 || Edmonton Oilers || 6 – 5 || Chicago Blackhawks || OT || Garon || 18,859 || 33–31–5 || 71 ||

| 70 || March 11 || St. Louis Blues || 3 – 4 || Edmonton Oilers || OT || Garon || 16,839 || 34–31–5 || 73 ||

| 71 || March 13 || Edmonton Oilers || 1 – 5 || Colorado Avalanche || || Garon || 18,007 || 34–32–5 || 73 ||

| 72 || March 15 || Edmonton Oilers || 5 – 2 || Phoenix Coyotes || || Roloson || 15,698 || 35–32–5 || 75 ||

| 73 || March 16 || Edmonton Oilers || 2 – 1 || San Jose Sharks || SO || Roloson || 16,987 || 36–32–5 || 77 ||

| 74 || March 18 || Phoenix Coyotes || 4 – 8 || Edmonton Oilers || || Roloson || 16,839 || 37–32–5 || 79 ||

| 75 || March 20 || Vancouver Canucks || 4 – 1 || Edmonton Oilers || || Roloson || 16,839 || 37–33–5 || 79 ||

| 76 || March 22 || Colorado Avalanche || 5 – 7 || Edmonton Oilers || || Roloson || 16,839 || 38–33–5 || 81 ||

| 77 || March 24 || Minnesota Wild || 3 – 5 || Edmonton Oilers || || Roloson || 16,839 || 39–33–5 || 83 ||