In the 1997–98 season, Slutskaya took silver at the 1997 Nations Cup and gold at the 1997 Cup of Russia. In December, she finished off the podium at the Russian Championships and at the Champions Series Final in Munich before winning the silver medal in January 1998 at the European Championships in Milan. In February, she competed at her first Winter Olympics in Nagano, Japan. Ranked fifth in the short program after her planned combination became a 2Lz-2T, Slutskaya performed five triples in the free skating and received two third-place votes (from the U.S. and Hungary) but placed fifth in the segment and overall. The next month, she won silver at the 1998 World Championships, coming back from a fall in the short program and successfully landing two triple-triple combinations in the free skating.