It was won by Vörös Lobogó who beat ÚDA Praha in the two-legged final 8–1 on aggregate.

Matches played between 29 June and 5 July 1955.

1 Vörös Lobogó beat Wacker Wien 5–1 in a play-off to qualify for the Quarter-finals.

Honvéd Budapest won 10–6 on aggregate.

ÚDA Praha 2–2 Slovan Bratislava on aggregate; play-off needed.