Joe Aribo had the Gers fans in raptures in the searing heat of the Ramon Sanchez-Pizjuan stadium when he opened the scoring in the 57th minute.
However, Colombia forward Rafael Borre levelled in the 68th minute to give the game 30 added minutes where Frankfurt goalkeeper Kevin Trapp made a fantastic last-gasp save from Ryan Kent.
Then came penalties and despair for the Light Blues and substitute Aaron Ramsey in particular who had his spot-kick saved.
The match finished in heartbreak for the Premiership team.
Rangers in Seville: Latest updates and news ahead of Europa League final | TV Details | Rangers v Eintracht Frankfurt TV details
Last updated: Thursday, 19 May, 2022, 12:08
Well that’s all from our live blog on a nearly-night for Rangers.
They lost 5-4 on penalties in the heat of Seville.
Thanks for your company and keep your eyes on on sport section for more stories from Seville.
In case you wish to watch them - the official highlights are now availble to view.
There is of course a Scottish Cup Final for Rangers to gear up to - but they will need to overcome Hearts.
"Rangers were 12 yards away from a place in the Champions League group stages and all the riches that come with it, seeded first, the additional £4.3m financial bounty of the European Super Cup, winners fees and more."
Former Rangers player Trevor Steven has said that Rangers have boosted Scottish game with cup run even in defeat: “This run has been just absolutely mind-blowing, no-one expected Rangers to go this distance in the competition when you consider how it all started quite shakily really.
“For Scottish football, it has elevated the game in Scotland massively.
“When you consider the journey through the season to get to the final, and the euphoria it created, it was such a great experience for everyone.
“The lads should be absolutely proud of themselves, and the fans supported them brilliantly all the way through this tremendous run.”