The 2018 Eliteserien was Molde's best year under Solskjær since his return, starting the season with three wins against Sandefjord, Haugesund and Tromsø sending Molde top. After a 4–0 defeat against Rosenborg on 8 April 2018, Molde's form began to vary with the club getting only three wins in the next eight matches leaving the club in eighth. However Solskjær oversaw Molde go undefeated over the next five games including: a 4–0 away win over Brann on 1 July; a 5–1 victory against Vålerenga on 8 July; and a 5–1 win against Brann on 12 August. On 11 July, Molde played away against Northern Irish side Glenavon in the first qualifying round of the Europa League, losing 2–1. Molde won the return leg 5–1 on 19 July, sending them through to the next qualification round. Molde were then drawn against Albanian team Laçi, beating them 5–0 on aggregate. For the third qualifying round, Molde faced Hibernian over who Solskjær led his team to a 3–0 win on aggregate. Molde were drawn against Russian side Zenit St. Petersburg on 6 August, who they faced on 23 August with Molde losing 3–1 away. Solskjær's Molde won the return leg on 30 August 2–1 but it was not enough as Molde were knocked out 4–3 on aggregate. After suffering defeats in the league to Stabæk and Ranheim at the end of August, Solskjær led his side undefeated for the rest of the season – winning eight out of ten. His best win in this run was against title challengers Rosenborg on 30 September, who Solskjær beat 1–0. Despite this it was not enough as Molde finished the league in second place, five points behind winners Rosenborg. On 3 December 2018, Molde announced that Solskjær extended his contract till the end of the 2021 season.