The number of participating teams in the Ranji Trophy, 1972-73 was unchanged than the previous edition and all the 24 regular teams took part in the tournament. The teams were coming from all the regions of India, though they were divided mainly to five zones, by the organisers. The participating teams in the tournament included the likes of Andhra, Assam, Baroda, Bengal, Bihar, Bombay, Delhi, Gujarat, Haryana, Hyderabad, Jammu & Kashmir, Kerala, Maharashtra, Madhya Pradesh, Mysore, Orissa, Punjab, Railways, Rajasthan, Saurashtra, Services, Tamil Nadu, Uttar Pradesh and the Vidarbha.

Ranji Trophy 1972- 73, Central Zone League Matches: All the regular 4 teams in the Central Zone of the tournament were present there in the Ranji Trophy, 1972-73. The teams like Vidarbha, Madhya Pradesh, Rajasthan and Uttar Pradesh comprised the Central Zone of the Ranji Trophy, 1972-73 and they played against each other for becoming one of the top two teams in the zone. Reaching the knock out level of the tournament was also another big aim of the teams, however, only the teams like Vidarbha and Madhya Pradesh became successful to do so from the zone.

Ranji Trophy 1972- 73, East Zone League Matches: The East Zone of the Ranji Trophy, 1972-73 saw no change in its team list, as all the regular four teams participated in this edition of the tournament. The teams included the likes of Bengal, Assam, Orissa and Bihar and they competed against each other in the zonal level for entering into the knock out level of the tournament. The Bengal and Bihar teams became the toppers in the zone, as usual and they also eventually got the chance to compete with the top teams of the other zones for the trophy, in the knock out level.

Ranji Trophy 1972- 73, North Zone League Matches: The North Zone in the Ranji Trophy, 1972-73 saw the participation of a number of 6 teams, all coming from the Northern region of India. The teams that took part in the tournament included the likes of Delhi, Punjab, Haryana, Jammu & Kashmir, Railways and Services. All the teams played against each other in the zonal level for becoming one of the top two teams in the zone and also for getting a chance in the knock out level of the tournament. However, only the teams of Delhi and Services became successful to do so from the North Zone and they competed with the top teams of the other zones in the knock out level for the championship level.

Ranji Trophy 1972- 73, South Zone League Matches: All the five regular teams participated in the South Zone of the Ranji Trophy, 1972-73. The teams were representing the Southern region of India in the tournament and the teams included the likes of Andhra, Hyderabad, Kerala, Tamil Nadu and Mysore. Though all the teams tried very hard to become one of the top two teams in the zone and to secure a birth in the knock out level of the tournament, only the teams like Tamil Nadu and Hyderabad could do so from the zone.

Ranji Trophy 1972- 73, West Zone League Matches: The West Zone of the Ranji Trophy, 1972-73 was comprised of the regular teams like Bombay, Maharashtra, Saurashtra, Baroda and Gujarat. All the teams had been playing in the tournament for several years till then and they were representing the Western India in the tournament. The teams played against each other in the zonal level first and their main aim was to become one of the top two teams in the zone and also to enter into the knock out level of the tournament. However, the teams like Bombay and Maharashtra eventually became successful to do so from the West Zone.

Ranji Trophy 1972- 73, Knock out Matches: After the completion of the zonal level league matches, all the top teams from the five zones entered into the knock out level of the tournament and vied for the championship trophy. The knock out level of the Ranji Trophy, 1972-73 saw the participation of the teams like Bihar, Madhya Pradesh, Bombay, Bengal, Maharashtra, Vidarbha, Tamil Nadu, Railways, Hyderabad and Delhi. They played against each other in the Pre-Quarter-Finals, Quarterfinals, Semi-Finals and Final of the tournament and the Bombay team eventually became successful to clinch the title, once again.