The 2007–08 Ukrainian First League is the seventeenth since its establishment. There were 20 teams competing. Two teams were relegated from the Ukrainian Premier League 2006-07. Four teams were promoted from the Ukrainian Second League 2006-07.

Promotion and relegation

Promoted teams

These four teams were promoted from Druha Liha at the start of the season:

Group A

Group B

Relegated teams

Two teams were relegated from the Ukrainian Premier League 2006–07 season after finishing on the bottom of the competition:

Renamed teams

Teams

Stadia

Managers

Final standings

Top goalscorers

Post-season withdrawn teams

On June 26, 2008 MFC Mykolaiv was withdrawn from competitions. On July 1, 2008 the club was announced about the official disbandment. Due to the public pressure and with help of Hryhoriy Surkis, it became possible to preserve the club in professional competitions. MFK Mykolaiv was admitted to the 2008-09 Ukrainian Second League instead of the third team of Dynamo, FC Dynamo-3 Kyiv.