In the seventh round of the league, Olimpija suffered its first defeat against Živila Naklo and, with only eight points, found itself in a modest seventh place. By the end of the winter break, Olimpija climbed to second place, three points behind Maribor. What followed, however, was a dreamlike spring season. Olimpija achieved an incredible run of 11 consecutive victories and, on May 6, defeated its eternal rival, Maribor, 2–0 in front of 7,000 spectators. Finally, on June 21, 1992, Olimpija lifted the trophy, becoming the first champion in the history of independent Slovenia.

In the following three seasons, Olimpija dominated the Slovenian championship, securing three consecutive national titles with relative ease. The 1994/95 season was particularly memorable in the UEFA Cup when Olimpija achieved a significant victory over Levski Sofia. This was especially notable because Levski’s squad included seven Bulgarian national team players who had finished fourth in the previous FIFA World Cup. However, in the 1995/96 season, Olimpija had to concede the championship title to another club for the first time.

During this period, the league was reduced to 10 clubs. Despite a poor start, Olimpija improved significantly in the second half of the season but ultimately had to relinquish the top spot to Gorica. However, Olimpija managed to win the Slovenian Cup and, the following year, became the first Slovenian club to reach the top 16 in the European Cup Winners’ Cup. The Dragons first eliminated the Bulgarian side Levski Sofia in a dramatic penalty shootout (1:0, 0:1) and then advanced past the Danish club Aarhus thanks to an away goal (1:1, 0:0). Olimpija’s run came to an end against the Greek club AEK Athens, who progressed with an aggregate score of 6:0.