The competition started on 24 March 1907, and concluded on 30 March 1907, with the Final Playoff, in which Madrid FC lifted the trophy for the third time in a row after beating Club Vizcaya 1–0 with a goal from Manuel Prast.

Eleven teams registered to participate: FC Barcelona, Moderno of Guadalajara, Recreativo de Huelva, San Sebastián Recreation Club, Athletic de Madrid, Excelsior of Madrid, Hispania of Madrid, Madrid FC, Club Bizcaya (merger of Athletic Bilbao and Unión Atlética Vizcaína), Hamilton FC of Salamanca and Vigo FC.

While the Catalan regional champion X Sporting Club was invited, but again declined to participate due to internal dissent and excessive travel costs.

Of these eleven teams, FC Barcelona and San Sebastian RC withdrew before the draw, while Moderno Guadalajara had their entry rejected by the organizers.

Thus, five teams took part in the main tournament: At the conclusion of the round-robin tournament, Madrid FC and Club Vizcaya finished level on points; therefore, a playoff match to determine the champion was required.