Elections to Preston Borough Council were held on 7 May 1998. One third of the council was up for election and the Labour party kept overall control of the council.
After the election, the composition of the council was:
| Party | Seats | ± | |
|---|---|---|---|
| Labour | 30 | +2 | |
| Liberal Democrat | 13 | +1 | |
| Conservative | 13 | 0 | |
| Independent | 1 | +1 | |