The 21-year-old tweaked some cartilage in his knee and will soon have surgery to repair the damage.
It comes as a blow to the player and his club, as McCready had started to establish himself in manager Dario Gradi's squad in recent weeks.
"It is very unfortunate for Chris because he is going to miss the rest of the season," Gradi told Crewe Alexandra's official website.
"He was very keen to put off the operation and play on with painkilling drugs, but that's not how we behave at this club.
"We will send him in immediately for the operation because that is the best thing to do for his knee."
It is the second injury setback this season for the former Alex trainee, who suffered a groin injury which kept him out several weeks back in September.
Meanwhile, central defender Dave Walton has rejected the offer of a new contract at Gresty Road and the player will be available to leave Crewe on a Bosman free in the summer.
The former Sheffield United and Shrewsbury Town man was one of three players coming to the end of their contracts with The Railwaymen but the only one to reject fresh terms with the club.
"David Walton has decided not to sign the offer on the table and he will wait until the summer to see if can get another offer from elsewhere," added Gradi.
"Therefore, he runs the risk that our offer may not be there in the summer because if we fail to get promotion then we won't be able to afford the squad we have now."
