Unlike the last GE, vibrant contests returned and PAP faced challenges in nearly all seats. In a surprising reversal of its boycott position, BS participated and this fuelled further internal party dissension. WP was rejuvenated by former district judge J. B. Jeyaretnam while its former leader and ex-Chief Minister David Marshall, who had contemplated standing as an independent, was finally kept out of the running by a stingray wound. Former BS and UPP Legislative Assembly Members, Kow Kee Seng and Ng Teng Kian, returned to their previous wards as independents. The report by the Electoral Boundaries Delineation Committee was tabled in Parliament on 19 October 1971 and passed on 31 December 1971, giving birth to seven new constituencies. Despite stiffer competition, PAP captured every seat in Parliament for the second time. Describing the alternatives as having lost their credibility with wavering political manoeuvres coupled with Singapore's progress and development despite having no opposition in Parliament, Prime Minister Lee Kuan Yew and other PAP leaders said that voters did not see a need for political diversity, which would lead to squabbling and impede its effective governance.

2nd Parliament dissolution: 16 August 1972 [Wed]
Nomination day: 23 August 1972 [Wed]
Polling day: 2 September 1972 [Sat]
3rd Parliament convention: 12 October 1972 [Thu]

Electorate: 908,382
Walkover voters: 95,456 (10.5%)
Eligible voters: 812,926 (89.5%)
Voter turnout: 760,468 (93.5%)

Election deposit: $500

Alexandra Crawford Kallang Moulmein Siglap
Aljunied Delta Kampong Chai Chee Mountbatten Stamford
Anson Farrer Park Kampong Glam Nee Soon Tampines
Boon Teck Geylang East Kampong Kapor Pasir Panjang Tanglin
Bras Basah Geylang Serai Kampong Kembangan Paya Lebar Tanjong Pagar
Bukit Batok Geylang West Kampong Ubi Potong Pasir Telok Ayer
Bukit Ho Swee Havelock Katong Punggol Telok Blangah
Bukit Merah Henderson Kim Keat Queenstown Thomson
Bukit Panjang Hong Lim Kim Seng River Valley Tiong Bahru
Bukit Timah Jalan Besar Kreta Ayer Rochore Toa Payoh
Cairnhill Jalan Kayu Kuo Chuan Sembawang Ulu Pandan
Changi Joo Chiat Leng Kee Sepoy Lines Upper Serangoon
Chua Chu Kang Jurong MacPherson Serangoon Gardens Whampoa
Total seats = 65