Real Madrid qualified for the 1956–57 European Cup as the competition's defending champions, having beaten Reims 4–3 in the 1956 final at the Parc des Princes in Paris.

Two goals each from Alfredo Di Stéfano and Ramón Marsal gave them a 4–2 win in the first leg at the Santiago Bernabéu Stadium.

In the first leg at Stadio Artemio Franchi, they fell behind to an early goal by Harry Bild, but Claudio Bizzarri [it] equalised shortly afterwards and the match finished 1–1.

[10] In the quarter-finals against Grasshoppers of Switzerland, Fiorentina jumped out to a 3–0 lead early in the first leg thanks to goals from Armando Segato and Romano Taccola (2), but Robert Ballaman pulled one back for the visitors.

Julinho extended Fiorentina's aggregate lead early in the second leg, only for Ballaman to again reduce the Swiss side's deficit; nevertheless, Miguel Montuori scored Fiorentina's fifth goal of the tie, rendering Branislav Vukosavljević's late goal mere consolation in a 5–3 aggregate scoreline.

[12] The second leg went goalless, and Fiorentina won the tie to become the first Italian side to reach the European Cup final.