| Postseason: |
Lost World Series (4-3) to Pittsburgh Pirates Won AL Championship Series (3-0) over Oakland Athletics |

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The 1971 Orioles are the answer to the perennial trivia question: which was the last Major League club to have four 20-game winners in a season? (Jim Palmer, Dave McNally, Mike Cuellar, and Pat Dobson.)
Transactions listed are from November 1 of previous year to April 1 of the following year.
November 24, 1970
Signed Gil Flores as an amateur free agent.
November 30, 1970
Traded Moe Drabowsky to the St. Louis Cardinals. Received Jerry Davanon.
December 1, 1970
Traded Fred Beene, Enzo Hernandez, Tom Phoebus and Al Severinsen to the San Diego Padres. Received Pat Dobson and Tom Dukes. Fred Beene returned to original team on May 16, 1971.
December 16, 1970
Traded Roger Freed to the Philadelphia Phillies. Received Jim Hutto, Grant Jackson and Sam Parrilla.
February 27, 1971
Signed Larry McCall as an amateur free agent.
March 16, 1971
Signed Orlando Pena as a free agent.
April 5, 1971 (Standings)
Traded Marcelino Lopez to the Milwaukee Brewers. Received Marion Jackson (minors) and Roric Harrison.
April 14, 1971 (Standings)
Released Gil Flores.
May 28, 1971 (Standings)
Traded Jim Hardin to the New York Yankees. Received Bill Burbach.
Signed Dave Boswell as a free agent.
June 5, 1971 (Standings)
Sold Dick Baney to the Cincinnati Reds.
June 8, 1971 (Standings)
Drafted Paul Mitchell in the 1st round (7th pick) of the 1971 amateur draft (June Secondary).
Drafted Randy Stein in the 1st round (23rd pick) of the 1971 amateur draft.
Drafted Kiko Garcia in the 3rd round of the 1971 amateur draft. Player signed June 27, 1971.
Drafted Hank Small in the 7th round of the 1971 amateur draft, but did not sign the player.
June 22, 1971 (Standings)
Signed Gil Flores as a free agent.
September 20, 1971 (Standings)
The Cincinnati Reds returned Dick Baney following previous purchase.
October 22, 1971
Traded Mike Herson (minors) and Mike Ferraro to the Milwaukee Brewers. Received Bruce Look and Tom Matchick.
November 29, 1971
Leon Brown selected by the San Francisco Giants in the 1971 minor league draft.
Jim Hutto drafted by the California Angels in the 1971 rule 5 draft.
Tom Walker drafted by the Montreal Expos in the 1971 rule 5 draft.
December 2, 1971
Traded Pete Richert and Frank Robinson to the Los Angeles Dodgers. Received Doyle Alexander, Bob O'Brien, Sergio Robles and Royle Stillman.
December 9, 1971
Traded Curt Motton to the Milwaukee Brewers. Received a player to be named later and cash. The Milwaukee Brewers sent Bob Reynolds (March 25, 1972) to the Baltimore Orioles to complete the trade.
1972
Signed Kim Andrew as an amateur free agent.
Lew Beasley sent to the Texas Rangers in an unknown transaction.
January 19, 1972
Traded Fred Beene to the New York Yankees. Received a player to be named later. The New York Yankees sent Dale Spier (minors) (April 10, 1972) to the Baltimore Orioles to complete the trade.
February, 1972
Traded Bill Burbach to the Detroit Tigers. Received John Donaldson.
March 1, 1972
Sold Dick Baney to the San Diego Padres.
April, 1972
Sold John Donaldson to the San Diego Padres.