In 1996–97, Slutskaya began her season by winning her first Champions Series title at the 1996 Skate Canada International, beating rising star Tara Lipinski. She went on to win two more CS events, the 1996 Nations Cup and 1996 Cup of Russia. In January 1997, she repeated as the European champion, landing seven triples (one with a slightly flawed landing). By the Champions Series Final, held in late February and early March 1997, Slutskaya was struggling with jumps and finished third behind Lipinski, the new U.S champion, and Kwan. At the 1997 World Championships in Lausanne, a missed combination left her in 6th place in the short program. She then incurred a back injury from a hard fall in practice the day of the free skating. In the free skating, she completed six triples, including a 3S-3Lo combination, and received three first-place votes for the segment. Due to the short program, she finished fourth overall.